Thousands of new jobs will be created in Coventry and Warwickshire and more than £90 million invested in the region under the terms of a new City Deal that has been agreed.
Deputy Prime Minister Nick Clegg and Minister for Cities Greg Clarke agreed to the deal - one of 20 across the country - last Wednesday.
A five-strong team – led by Coventry and Warwickshire Local Enterprise Partnership chairman Sir Peter Rigby and including Warwick District Council’s deputy chief executive Bill Hunt – had presented the area’s City Deal proposition to ministers in October.
The deal is expected to create over 15,000 new jobs by 2025, of which over 8,800 will be in the advanced manufacturing and engineering sector, with a proposalto build a new Business Support Clearing House in the region.
The deal will also offer new apprenticeships and fund a Skills 4 Growth programme, while local authorities are expected to be given greater powers in order to speed up planning applications.
Sir Peter Rigby said: “Businesses need to be able to concentrate on what they do best. This will allow them to do that while also accessing what they need to help them grow.”
The Deputy Prime Minister Nick Clegg said: “This City Deal marks the beginning of a new era of growth and prosperity in Coventry and Warwickshire.”