Bristol City region is set to get a range of new powers after agreeing a deal under the City Deals programme, with the Government devolving new responsibilities to give the city the flexibility it needs to attract private investment, close skills gaps and attract new jobs
The Bristol City region expects the deal to help deliver an additional 40,000 jobs and over £1 billion of investment to support local growth over the next 30 years thanks to new financial powers.
The five-part deal for Bristol will be delivered by Government in return for strong local leadership and strengthened governance structures. These are:
- The growth incentive and the Economic Development Fund, which will allow the West of England to keep 100 per cent of growth in business rates over 25 years to invest in projects, allowing authorities to deliver an investment programme worth £1 billion over 30 years
- Ten years of major funding allocation for the Greater Bristol Metro, flexible delivery for the Bus Rapid Transit Network which will allow savings to be recycled locally and new powers over rail planning and delivery
- A Public Property Board will manage up to £1 billion of City Council assets and an estimated 180 land and property assets to unlock more land for economic growth or housing and to lever in additional public or private investment
- A city growth hub with up to £2.25 million of Government funding which will provide additional support to inward investors. This will be based in the Temple Quarter Enterprise Zone and will work closely with UK Trade and Investment.
- The business community and Local Enterprise Partnership will have more influence in skills provision in the city region, in particular the £114 million Skills Funding Agency funding for Further Education colleges for post-16 provision, to help capture employer demand
Bristol is one of eight cities confirming their deals, with the others being Newcastle, Manchester, Birmingham, Leeds, Sheffield, Nottingham and Liverpool.
The deals remain unique to the individual cities and cover a range of powers such as investment funds, tools to address skills gaps and infrastructure projects.
The deal was signed on the 18 September 2012. Read the full City Deal document and Implementation Action Plan