The government is expanding Growth Deals with one billion pounds worth of investments, which are set to benefit Nottingham’s Creative Quarter.
The funding will be devolved from central government into the hands of local authorities, businesses, colleges and universities. This aims to provide training and create thousands of new jobs which will benefit the Creative Quarter. Alongside this it offers plans to build thousands of new homes and start hundreds of infrastructure projects, including transport improvements and superfast broadband networks.
Growth Deals provide funds to local enterprise partnerships or LEPs, which are partnerships between local authorities and businesses, for projects that benefit the local area and economy. The first wave of Growth Deals was announced on July last year.
Nottingham’s Creative Quarter, the area that covers much of Lace Market and Sneinton, has become known for being a small, independent business hub. With help from Growth Deals it has been possible for the Creative Quarter to bring in businesses such as Rough Trade, who opened their first UK store outside of London in Hockley.
Kathy McArdle, chief executive of the Creative Quarter, says they have developed a Creative Quarter strategy which is looking forward to the next ten years. Within this plan are a number of key points that investment from Growth Deals can help to achieve, such as attracting creative enterprises to Nottingham like GameCity.
Investment from local growth deals has come as part of a larger government plan to stimulate the economy and create a fairer society. In what could be seen as the first step towards devolution to local authorities around the country, the deals will not just be a benefit to businesses. All funding devolved into the hands of local authorities will also be put towards improving infrastructure, new homes, and superfast broadband networks.