A historic City Deal for Preston and Lancashire has been signed today, supporting the building of 17,420 new homes and £1 billion economic growth over the next 10 years.
The new deal is set to represent one of the most important economic centres outside London. It is forecast that more than 20,000 new jobs will be created – including 5,000 jobs on the Lancashire Enterprise Zone.
The Preston and Lancashire City Deal sets out a detailed plan which will support the building engineering industry and people working in the trades.
“This is a once in a generation opportunity that will enable Preston, and indeed Lancashire as a whole, to reach its full economic potential.
“The City Deal gives us the certainty to plan for the future. It is on a vast scale and forms the basis for major investment in transport and housing. It complements our existing work to create jobs and apprenticeships and will provide the ideal conditions for companies to invest and create employment.”
Lancashire Enterprise Partnership, the private and public sector partnership that provides strategic leadership for the county’s economy, will be responsible for ensuring that the City Deal is delivered.
Local Growth Minister, Mark Prisk said: “This government is committed to helping grow local economies and that’s why we are supporting those cities that want their own powers to deliver prosperity.
“This deal will give Preston, South Ribble and Lancashire the means to build 17,000 new homes and create local jobs by investing in their Enterprise Zone so they can successfully attract new businesses to the area.”