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Norwich and the surrounding area will get a cash injection of nearly £4 million to help establish the region as a world leader in science, technology and manufacturing, Deputy Prime Minister Nick Clegg and Minister for Cities Greg Clark announced today.
The deal is expected to create more than 19,000 jobs, including 3,000 high value jobs at Norwich Research Park, 2,000 jobs around Norwich International Airport, 1,000 jobs based around Norwich University of the Arts and 6,000 construction jobs.
It will also support 300 new businesses and will secure an additional £100 million of private investment to utilise Norwich’s high-tech expertise to drive economic growth.
To support the area’s expanding economy, 3,000 additional homes will be built as part of the deal, leading to a predicted £2.3 billion private sector investment in housing.
Today’s funding announcement comes as the Deputy Prime Minister visits Norwich Research Park where he will meet staff working in laboratories and see the site’s on going development which will be used as a catalyst for economic growth.
Deputy Prime Minister Nick Clegg said: “We’re giving cities the freedom, powers and tools to be really innovative and design whole new ways to build a stronger economy and fairer society.
“Today’s announcement is great news for Norwich and the surrounding area, which is a key engine of growth for Britain and one of the fastest growing parts of the country.
“This City Deal will use Norwich’s world class research, innovation and knowledge to create tens of thousands of jobs, help local businesses and boost the economy.”
Minister for Cities Greg Clark said: “This City Deal is a landmark achievement. It puts the levers of power firmly into the hands of Norwich and the surrounding area, so that everyone can benefit from real, local economic growth.
“The jobs that it will create, making the most of Norwich’s renowned expertise in the knowledge economy, will put the area in a prime position to take advantage as the economy turns the corner.
“I pay tribute to the way in which business and civic leaders across the region have pulled out the stops to develop this hugely important deal, and I look forward to my visit to Norwich in the new year.”
The investment will be used to help local firms get the help they need to work together, trade across the country and expand.
The deal will offer grants for new businesses and help companies to get the specialist expertise they need from local universities. This will help businesses expand and develop, employ more staff, offer more people opportunities, and help rebuild our economy.
It will also help more young people in the region to get the help they need to get into employment, education or training by establishing a skills programme across the wider business region to maximise employer involvement and investment and increase apprenticeships and graduate internships.