Manchester Economy set for Further Growth

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Posted in:berg Advisory, Business Finance|July 7, 2014 | Join the mailing list

Greater Manchester has secured £476.7million in funding from a government Growth Deal which is expected to generate a further £80million in public and private investment and also create 5,000 jobs.

Some of the key elements of the Growth Deal, due to commence in 2015, concern the region’s transport, science and education sectors.

Science

The Life Science Investment Fund recognises the region’s significant strengths in this field and will give the Council and businesses power to create a world class bioscience development across Greater Manchester, Cheshire and Warrington.

Transport

The Metrolink, which has experienced a 40% increase in demand over the past three years, is set to receive an improvement package of £44.4million. This will provide for 12 additional trams and an improved infrastructure delivering a more capable, resilient
and reliable network.

Salford Central Train Station will acquire three additional platforms to accommodate for the ever increasing rise in passenger numbers and to enable trains from Liverpool, Leeds and Manchester Airport to stop at the station.

In relation to the city’s inner road network, there will be relief route improvements to both Regent Road and Great Ancoats Street to ease congestion and pave the way for further economic growth and development in these areas.

Education and Skills

Colleges in Salford, Tameside, Stockport and Wigan & Leigh are to receive funding to develop facilities and broaden the range of further education courses, apprenticeships and training to meet the demands of local people and the growing economy.

Deputy Prime Minister Nick Clegg said: “The Greater Manchester Growth Deal will create thousands of jobs, provide incredible new training opportunities for young people, and improve transport links across the region for people and their families – building
a stronger economy and a fairer society.”

Should you have any concerns regarding business growth or new ventures generally please contact
Stephen Foster, Head of Corporate and Commercial at
stephenf@berg.co.uk or by telephoning 0161 833 9211.

The information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Berg or any of its partners or employees. Professional legal advice should
be obtained before taking, or refraining from taking, any action as a result of this article

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