Torbay Conservatives have today (Friday 17th January 2014) welcomed the news that an historic City Deal for Plymouth and the South West Peninsula has been signed paving the way for £296m of investment over the next 15 years.

Following the Cabinet Office pressing the start button on this agreement over 10,000 jobs and growth for 25,000 businesses are now in the pipeline. Over the last nine months representatives from a range of private and public sector organisations, including Torbay Council, have been working on the deal culminating in today’s announcement.

It is estimated that the delivery of the City Deal will by 2030:

• Create 9,500 jobs. 
• Create a further 1,830 construction jobs.
• Generate Gross Value Added (GVA) of over £800m
• Deliver £34m of local and national public sector investment.
• Lever in £76m in private sector investment, increasing to £262m in the longer term.
• Potentially release 32,500 m2 of new marine space, possibly increasing to 86,000 m2 of new marine workspace in the long term.
• Assist 1,500 young people back into sustainable employment.

Parliamentary Spokesman for Torbay Kevin Foster said: “This deal represents one of the most significant programmes for action and regeneration since the famous plans that rebuilt our nation after the devastation of World War II. It not only builds on our economic strengths, but creates real opportunities for the next generation.”

“As the economic recovery continues the City Deal is the long term plan our economy needs locally and one that all those involved in delivering it can be proud of.”

Torbay Mayor Gordon Oliver said: “I am very proud to have been part of this effective partnership that has achieved its goal. Torbay and our partners in neighbouring authorities, Plymouth University and the LEP can be proud that the creativity and vision of the City Deal inspired Whitehall to give renewed confidence in the south west; and will enable us to fulfil our potential as a region to be reckoned with.

“Torbay will reap the benefits of this landmark deal through its focus on the marine economy - particularly in Brixham - but with wider momentum that will be felt throughout the Bay - and the improved export activity and business support that will be developed to generate new jobs and investment.

“I look forward to continuing to work with our partners to develop this ambitious strategy into a robust action plan that will deliver real opportunities for growth.”