Local Conservative MEPs welcome Budget boost for Cambridge
The Chancellor of the Exchequer announced in his Budget statement today (Wednesday) a grant of up to £500 million through a “Gain Share” deal. local Conservative MEPs have welcomed this announcement that will support the ‘City Deal’ and potentially unlock £1 billion of infrastructure investment for the Greater Cambridge area.
This investment will provide the foundations for long term growth in Cambridge by improving road networks and building resilient public transport and cycling options. It will also speed up housing development outside the city.
Geoffrey Van Orden MBE MEP commented: “This is a billion pound boost to road and rail improvements. It’s just what’s needed to support high quality economic growth and new homes in the vital Cambridge area, as well as improving everyday lives over the coming decades. As Conservative MEPs, we have done all we can to encourage investment from all possible sources.”
Vicky Ford MEP and former local councillor from South Cambridgeshire said: “We have seen great investment in the world-leading industry and research around Cambridge but we have urgently needed the infrastructure to go with it. The terrible traffic is affecting the City's international reputation. I hope this investment will help address the numerous transport blockages so that the magic of the Cambridge Cluster can be shared more widely around the area.”
Notes to Editors
Chancellor of the Exchequer, the Rt Hon George Osborne MP announced in his 2014 Budget that:
"The government will commit £100 million to Greater Cambridge until 2019-20 to support their ambitious transport and infrastructure proposals through a Gain Share mechanism. This agreement could be worth up to £500 million over 15 to 20 years, dependent on the economic impact of their investments and, in addition to Greater Cambridge’s own plans, could deliver over £1 billion of infrastructure investment in the Greater Cambridge area".
This announcement follows over a year of negotiations between central Government and Cambridge City Council, South Cambridgeshire District Council, Cambridgeshire County Council, The University of Cambridge and the Greater Cambridge Greater Peterborough Enterprise Partnership. Members from all three Councils will consider the details of the proposed Deal over the next two weeks.
As well as funding for transport, the Deal will see the three Cambridgeshire councils (Cambridge City, South Cambridgeshire District and Cambridgeshire County Council) working more closely together and pooling some of their own funding.