£1bn Boost For Cambridgeshire

Cambridge and the surrounding area is to receive up to £1bn to help it become the UK's Silicon Valley, it has been announced.

The Greater Cambridge City Deal is expected to unlock £1bn of investment in transport and housing, which will boost economic growth throughout the region. Cambridge is known for its cluster of high tech firms and world-class research facilities and the City Deal aims to extend the reach of the famous 'Cambridge brand' by strengthening links between the universities and the science and business parks, and generating investment by accelerating transport and housing infrastructure.

The UK Government is to give Cambridge £100m to invest in infrastructure over the next five years. The scheme, named as 'Gain Share', means that if Cambridge is successful in using this to drive growth in the local area, the government will invest even more money – up to half a billion pounds.

Making the announcement, Deputy Prime Minister said Nick Clegg, said: "Cambridge is a key engine of growth which is known across the globe for its world class university and innovative business parks.

"This £1 billion City Deal will build on your success to create more jobs for local people and help them gain the skills they need to find work. It will also improve your roads and rail links to encourage more investment to the area and build more homes for families across the region.

"It builds the foundations for long term growth in Cambridge for this generation and the next, building a stronger economy and doing it fairly."

Minister for Cities, Greg Clark, added: "This revolutionary City Deal will empower the civic and business leaders of Cambridge and Cambridgeshire to build on the renowned strengths of this city and deliver a serious uplift in its economic growth.

"We are making a huge commitment to Cambridge and Cambridgeshire and to ensuring that the local economy here can continue to be one of the big engines of growth of the UK."

(JP/IT)