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Nick Clegg announces £1bn City Deal for Cambridgeshire

April 3, 2014 4:12 PM
Originally published by UK Liberal Democrats

Liberal Democrat Leader and Deputy Prime Minister Nick Clegg today visited Cambridge where he announced a £1bn boost to city and the surrounding area. The Greater Cambridge City Deal is designed to help it become the UK's Silicon Valley and is expected to unlock £1bn of investments in transport and housing, to boost economic growth across the region.

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The City Deal aims to extend the reach of the famous "Cambridge brand" by bolstering links between the universities and the science and business parks and generating investment by accelerating transport and housing infrastructure.

The Coalition Government is giving Cambridge £100m to invest in infrastructure over the next 5 years. The scheme, called '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.

Nick Clegg visited Cambridge today, as the city prepares for the arrival of the Tour de France in July.

Liberal Democrat Leader and Deputy Prime Minister Nick Clegg said:

"The eyes of the world will be on Cambridge as the Tour de France reaches the city this summer. 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."

The Coalition Government's multi-million pound investment will be matched by Greater Cambridge, who will contribute £500m. The City Deal also offers support to young people seeking employment.

The City Deal will create new teams to help increase apprenticeships by acting as brokers between training providers and businesses, as well as supporting the guidance that is given in schools and colleges to encourage young people to take up vocational careers.