Plymouth and South West Peninsula City Deal
What is Plymouth and South West Peninsula City Deal?
Plymouth and South West Peninsula City Deal is a ground-breaking deal with government to deliver economic growth in the south west in exchange for the government devolving powers and funding. The deal area covers Plymouth, Cornwall, Devon, Torbay and Somerset.
The deal will tackle low rates of productivity, a key barrier to economic growth by playing to the peninsula's strengths and growing the marine and advanced manufacturing sectors. The south west has 14 per cent of the national marine supply chain, employing 26,000. It is home to global companies such as Babcock Marine, Princess Yachts International, Pipex px, Pendennis Ship Yard and Agusta Westland.
The Deal will tackle low rates of productivity by:
- Growing the marine and advanced manufacturing sectors by developing a marine industries production campus led by South Yard in Plymouth. This will provide additional research and commercialisation facilities and the relocation and development of supply chain companies, enabling the growth of the marine sector across the peninsula.
- Providing tailored business support programmes to all small and medium enterprises (SMEs) and marine sector companies.
- Implementing a Deal for Young People that will tackle youth unemployment in Plymouth and the peninsula.
As a result of the City Deal local partners predict it will lead to:
- 9,500 permanent jobs.
- Unlock 32,400 square metres of new marine workspace as part of a potential phased release of the South Yard site at Devonport Naval Base that could, in the long term, unlock 85,000 square metres of new marine workspace.
- 1,500 young people taking part in youth unemployment programmes, with 540 achieving sustained employment.
- The launch of the largest wage progression project in the country that will boost the earnings of young people.
- Provide £34m of local and national public sector investment.
- Lever in over £72 million of private sector investment into the area, increasing to £262m over the long term.
City Deal booklet [1.54MB]
City Deal leaflet for businesses [588KB]