The Minister of State, Cabinet Office (Greg Clark)
Following the successful completion of the first wave of city deals in July 2012 with the “core cities”, the Government committed to work with a further 20 cities and their wider areas to negotiate a second wave of city deals in October 2012.
I can today inform the House that the Government, local businesses and civic leaders from Leicester and Leicestershire have reached agreement on a city deal.
The Leicester and Leicestershire city deal aims to halve youth unemployment by 2018 through a “Young Persons Pledge”. This pledge commits the area to provide all 16 to 24-year-olds with the chance to secure sustained employment or education and training and will be underpinned by the Leicester and Leicestershire “to work” programme.
The city deal will also provide funding to support the expansion of Loughborough University Science and Enterprise Parks and unlock the development of a new Advanced Technology Innovation Centre.
Small and medium-sized enterprises (SMEs) will also be supported to grow through the provision of tailored business support programmes. This scheme will enhance signposting of business support services and will establish grant schemes targeted at small/micro businesses and at medium-sized businesses that have the potential for further growth.
Business and civic leaders in Leicester and Leicestershire anticipate that the deal will create 4,000 new apprenticeships and traineeships, create 1,400 new jobs and safeguard a further 400, and support £130 million of public and private sector investment.