By Daniel Hunter
Gloucestershire will receive a £62.5 million Growth Deal through the government's Regional Development Fund.
Deputy Prime Minister Nick Clegg travelled to the area to sign the deal which is designed to support economic growth in Gloucestershire.
He also visited local business SPP Pumps Ltd which received an award of over £1.12 million from the government’s Regional Growth Fund to create 32 and safeguard 15 highly skilled jobs.
By 2021, the government says the Growth Deal will help to deliver at least 5,000 jobs and will bring forward at least £80 million additional investment from local partners and the private sector. £23.6 million has been confirmed in the first year, and as part of the government’s ongoing commitment to the GFirst Local Enterprise Partnership (LEP) it has provided an indicative award of a further £38.9 million of funding from 2016 to 2017 onwards.
The Deputy Prime Minister Nick Clegg said: "I’m delighted to be finalising this historic deal, bringing real change across Gloucestershire. This significant Growth Deal will enable a whole host of jobs to be created, boost local business by supporting them to up skill their staff and transform transport networks. All of this is a major boost to the economy in Gloucestershire.
"Growth Deals are about local areas leading their own growth, giving more power to people in the regions so we work together to build a strong economy and a fairer society.
"It was inspiring to see first-hand the plans SPP Pumps Ltd have made to expand and grow their business. Thanks to the government’s Regional Growth Fund they’ve been able to think big and be ambitious, securing and creating jobs in Gloucestershire."
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