Plymouth will be given much greater powers to stimulate industry under the Government's "City Deal" scheme. It's claimed it'll put an extra £300 million into the West Country economy in the next fifteen years.
A regeneration programme worth £300m to the South West's economy was agreed in Plymouth today.
The money, granted by the Government, will be used to stimulate industry and create more than 10,000 jobs.
The majority of investment will be made in the marine industries. But businesses and young people will also benefit - as Plymouth gains greater power to help drive the South West forward.
John Andrews reports:
A regeneration programme worth £300m to the South West's economy has been agreed in Plymouth this lunchtime.
The investment granted by the Government's 'City Deal' scheme will be used to stimulate industry and create more than 10,000 jobs.
It centres on the South Yard at Devonport being returned to public ownership so it can become a hub for marine industries.
The Government and local councils will announce a major spending project for the South West at Princess Yachts in Plymouth today.
It'll return the South Yard at Devonport to public ownership. The investment will be worth £300m over the next 3 years.