NORFOLK & SUFFOLK SHARE IN MULTI MILLION POUND GROWTH DEAL FOR INFRASTRUCTURE, BUSINESS & SKILLS

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1 Follow us on MEDIA RELEASE Strictly embargoed until Monday July 2014 NORFOLK & SUFFOLK SHARE IN MULTI MILLION POUND GROWTH DEAL FOR INFRASTRUCTURE, BUSINESS & SKILLS New roads, college buildings and faster broadband will create up to jobs Ambitious growth plans that will place Norfolk & Suffolk at the heart of the global economy are a step closer today (JULY ) after the Government announced millions of pounds of investment which will deliver new roads, homes, greater business support and a guarantee that 95% of the local population will have Superfast Broadband by the end of The deal will see a total of over 300m investment in the area to This is made up of 60m of new Government funding and over 20m provisional allocation for future projects, as well as confirmation of a previous award of 91.49m for transport schemes, additional investment from the private and public sector and a further 20 million low-cost borrowing facility. The Bury St Edmunds Relief Road receives nearly 6m in funding, in Beccles, 2m has been awarded for the Southern Relief Road. There s new technology and engineering centres at the colleges in King s Lynn and Lowestoft and a new construction training centre for Easton near Norwich. Haverhill will also receive 1m to help develop a new innovation centre. The region s small businesses directly benefit with an additional 12m for the flagship Growing Business Fund, which will help create 1,200 new jobs, and additional money for the newly-launched Growth Hub which provides free face-to-face business support. The Growing Places fund, which provides capital investment for projects across the region, receives 10 million.

2 Also announced today, 2.1m of loan-funding to fast-track the development of 495 new homes at Lodge Farm in Costessey, Norwich. Mark Pendlington, Chairman of New Anglia LEP said: We submitted bold plans to Government with the ambition to reinforce Norfolk and Suffolk s place in the global economy. This is a fantastic vote of confidence with ten of our priority projects winning significant funding and support which will unlock real growth across the region. This means new roads and better transport links, greater training and skills for the regions youngsters, targeted funding and support for small businesses and faster broadband an enterprise lifeline for the entrepreneur through to the established rural company. The Government have also given us greater freedom and flexibility over our funding, which demonstrates the faith they have in our ability to deliver on our plans. This success is a real tribute to all those who helped shape our plans, from local authorities and MPs to business and education leaders, but the hard work now begins to build on what we have already achieved and we pledge to redouble our efforts to champion Norfolk and Suffolk as an enterprise hub for UKplc and beyond. Today s announcement is part of the Government s Growth Deal, which includes funding for projects from and others up to New Anglia LEP secured the funding after submitting a detailed Strategic Economic Plan to Government, outlining its plans to transform the local economy and create a centre of business excellence. Councillor Mark Bee, leader of Suffolk County Council and member of the New Anglia LEP board, said: This is a truly momentous day as millions will soon be invested in projects that are vital to the prosperity of our region. This announcement shows the confidence the Government has in the New Anglia LEP and the ability of its partner organisations to deliver results for the local economy. With this significant financial support from the Government, we re now in a position to move forward and see these much-needed projects completed and begin to benefit people and businesses across Norfolk and Suffolk.

3 George Nobbs, Leader of Norfolk County Council and member on the New Anglia LEP board, said: "Any additional support for Norfolk and Suffolk has to be grabbed with both hands - especially those investments which involve Norfolk County Council, which include King's Lynn College of West Anglia, Easton & Otley College and Better Broadband. There is lots of good news here but for me the highlight is the funding for Great Yarmouth. If ever there was a community where investment was needed and where it would produce tangible results, that place is Great Yarmouth." ENDS Local Growth Fund Key Projects Bury St Edmunds Eastern Relief Road - 5.7million, this will open up the Suffolk Business Park, creating up to 9000 jobs by 2021 and providing development for 500 new homes Beccles Southern Relief Road - 2m, construction of a new relief road to provide faster access to Beccles Business Park and the Great Yarmouth & Lowestoft (New Anglia) Enterprise Zone at Ellough Airfield, enabling 20 new companies to locate to the area with the creation of over 1200 jobs Norfolk & Suffolk Better Broadband - 10m to extend Superfast Broadband into rural areas with the aim of 95% of homes will be covered by 2017 Lowestoft College - 10m to develop a new engineering centre and renew and enhance catering and hospitality facilities College of West Anglia, King s Lynn - 6.5m to build a higher-skills, science, technology and management centre Haverhill Research Park - 1m to help build a new Epicentre innovation centre focusing on local strengths of advanced manufacturing and life sciences. (This is a joint project with Greater Cambs, Greater Peterborough LEP) Easton & Otley College, Easton Campus - 2.5m for a new construction training centre Costessey Norwich- 2.1m loan-funding which will fast-track the development of Lodge Farm, providing 495 new homes, a new school site, community centre and sports facilities Growing Business Fund - 12m to extend the funding scheme for small & medium sized businesses (SMEs) until 2020

4 New Anglia Growth Hub - 350,000 to extend the newly launched business support service until 2016 Growing Places Fund - 10m to extend the existing fund to kick-start investment in homes and business capital infrastructure There is also provisional allocation of 20.10m for the following projects starting in 2016/17 and beyond: Great Yarmouth, transport plans to maintain road network and ease congestion Lowestoft Third River Crossing options assessment Attleborough town centre transport improvements Thetford town centre improvements including road cycle link Ipswich, measures to improve traffic flow in the town Bury St Edmunds, package of sustainable transport measures for cycling walking and public transport Funding breakdown Funding for schemes starting in 2015/ m Funding for projects that will continue into 2016/17 and beyond m Total m Provisional allocation for projects that will start in 2016/17 and beyond - 20m Total m The Government has previously announced large scale transport funding of 91.49m which includes 26m awarded to the LEP Local Transport Body and 65m towards the Norwich Northern Distributor Road. Total 173.3m Including additional local contributions from public and private sector partners and a 20m borrowing facility agreed with Government the total investment in the New Anglia area is just over 300m For more information please contact: Rebecca Holmes Communications Manager Tel: M: E: rebecca.holmes@newanglia.co.uk Notes for Editors New Anglia s website is

5 New Anglia is the Local Enterprise Partnership for Suffolk and Norfolk. One of 39 Local Enterprise Partnerships, New Anglia has been established as a catalyst to create jobs and remove the barriers to business growth. The partnership has signed two City Deals with Government, established an Enterprise Zone and launched new funds to support the development of infrastructure and finance for business. The LEP is also coordinating the campaign to improve the region s rail network..