GATWICK DIAMOND WELCOMES WHITEHALL INVESTMENT VIA COAST TO CAPITAL LEP
07 July 2014
The Gatwick Diamond Initiative has welcome the news that the Coast to Capital Growth Deal with central Government will include investment to improve Crawley’s transport infrastructure and funding to establish a new ASEAN Gateway at Gatwick Airport to boost international trade.
David Gauke MP, Exchequer Secretary to the Treasury joined Coast to Capital chairman Tim Wates and chief executive Ron Crank, to announce the deal at Gatwick Airport in front of local business leaders including Paul Gresham, senior partner at KPMG and chairman of the Gatwick Diamond Initiative.
From 2015, the Gatwick Diamond area will benefit from:
- Investment of £18 million (with £2.6 million in 2015/16) in a Crawley Area Transport Package toinclude junction improvements, bus priority schemes, modal interchange and improvements to walking and cycling routes.
- Investment of up to £3.7 million (with £0.6 million in 2015/16), to establish an ASEAN Gateway at Gatwick Airport to help companies boost trade with the Southeast Asian nations markets.
Businesses across the Coast to Capital region will benefit from an investment of up to £9.5 million (£1.2 million in 2015/16) to enable the provision of equity, debt and grant funding for businesses that can create new jobs, but who cannot get mainstream commercial funds.
East Surrey will also see £30.9 million (£5.5 million in 2015/16) made available for resilience schemes includingIntelligent Transport System traffic management, strategic road maintenance and flood and critical incident alleviation.
A package of flexible measures using an investment of £0.4 million in 2015/16 will also be used to unblock two derelict sitesin East Surrey, enabling their redevelopment to create new homes and business premises.
Overall, the Coast to Capital region’s deal is worth £202 million over six years, starting with investment of £38m of new funding in 2015/16 and it will deliver 14,000 jobs, 4,600 new homes and 190,000 square metres of employment space.
Paul Gresham, Chair of the Gatwick Diamond Initiative said: “I am delighted with the level of investment in the Gatwick Diamond. Transport and infrastructure is a key priority in attracting and retaining businesses. I also fully endorse the investment in establishing an ASEAN hub to help attract inward investment and to support export-led growth in the local economy”.
Ron Crank, Coast to Capital chief executive, said: “Investment in the region’s business infrastructure is vital for its successful future performance and there is much to do. We need significant investment in our transport infrastructure, in business support and in skills, if we and the UK as a whole, is going to compete internationally. We welcome this investment in our region by Government.
Gatwick CEO Stewart Wingate said: This investment will encourage business growth and international trade throughout the region with a thriving Gatwick acting as the gateway to existing and emerging markets. This ambitious programme, together with Gatwick's compelling case for a second runway, will help local, regional and national business compete on the global stage.”
The funding from Whitehall has been secured following Coast to Capital’s preparation of a strategic economic plan for the region, working in close partnership with the Gatwick Diamond Initiative and other local partners. All development decisions for specific proposals will go through the normal planning process, be guided by local plans, be subject to any consultation requirements and be guided by local plans.