Four weeks ago I announced Growth Deals with every part of England. The proposition was straightforward – if a Local Enterprise Partnership could show that they could make a big impact on their local economy with funds previously held by central government, then we would strike a deal to devolve those funds.
Whitehall scepticism gave way to enthusiasm when the proposals began to roll in from every part of the country. One of the aspects that commanded most attention was the level of private sector investment that was being committed locally.
The response of the property industry, in particular, has been extremely encouraging. One of the benefits of an approach that removes the silos of government departments is that transport improvements can be considered for how they enable development, not just reducing congestion.
We are immediately beginning discussions on the next wave of Growth Deals. We have made initial commitments of £6bn, and there is at least another £6bn of government funding available.
Now is the perfect time for players in the property sector to get in touch with your local LEP – or with me if you need to be introduced – and to put forward with them really ambitious property-based proposals for our cities, towns and counties that will create jobs, homes and prosperity by joining up national funding, local action and market investment.
There is increasing recognition of the opportunities for property investment across the country. A number of industry events after the summer – such as a bespoke property investment and LEPs conference to be run in conjunction with Estates Gazette and MIPIM UK in October – will introduce investors to new markets in localities that may have been previously overlooked.
And with the opportunities are new funding models in which central government and local authorities will play their part.
A week after the announcement of the Growth Deals, the prime minister reshuffled the Cabinet and I was thrilled to be asked to take over David Willetts’ responsibilities for universities and science as well as the Regional Growth Fund and European Structural Funds. This is in addition to my continuing role as cities minister which I have used to develop and then implement the policies of City Deals and Growth Deals.
As David Cameron said to me when he appointed me, each of these elements reinforces the other. Universities and colleges are now big economic players in every local area – and big holders of, and investors in, property to boot.
Science and innovation are clearly the source of long-term economic success, and one in which the United Kingdom has an outstanding global reputation. So to be able to speak up at Cabinet for all of these elements of our national prosperity means the connections can be more powerfully drawn.
One of my colleagues described this expanded portfolio – universities, science and cities – as making me the Minister for the Future, and you can see his point.
National growth is the sum total of growth in every city, town and county of Britain and our strategy is to do whatever it takes to make sure that every cylinder is firing.
During the months ahead I will be visiting all parts of the country to negotiate the next Growth Deals face-to-face and to meet with the universities, scientists, technologists and businesses who together will drive local, and therefore, national growth. The property industry is an indispensable part of that drive and I encourage everyone in the sector to become part of a movement that is gathering momentum.
Greg Clark, minister of state for universities, science and cities
