The Greater Manchester Combined Authority has announced a £1billion ‘Good Growth Fund’ that will deliver thousands of homes, employment space and new jobs across all its districts.
Mayor Andy Burnham announced the fund with a speech in Stockport, saying that £400million will be used for the first wave of projects. The initial investment is set to unlock a further £1.3billion in private capital, helping get new development off the ground, creating new opportunities across Greater Manchester, and cementing it as an attractive investment location.
The first wave of funding will be used to revitalise town centres with new neighbourhoods, such as the Prince’s Gate development in Oldham and Wigan’s Cotton Works.
Well-connected new homes will also be delivered to help address the housing shortage in the region, with the GMCA investing in schemes such as the Victoria North New Town in and Salford’s Adelphi Village.
The city region’s leaders are expected to approve this first wave of funding allocations at next Friday’s meeting of Greater Manchester Combined Authority (GMCA). The second wave of project funding will be announced in March.
Mayor of Greater Manchester, Andy Burnham, said: “Greater Manchester is the UK’s economic success story of the past decade. Powered by devolution, our journey of growth has transformed our city region and is opening up opportunities that people could not have imagined 30 years ago.”
“But we know that the real test of good growth is whether every person and every place feels the benefits. We’ve never believed in a busted ‘trickle-down’ theory that puts the pursuit of pure economic growth above the basic needs of our communities. And growth in Greater Manchester has never been an end in itself – it’s a means of improving lives by creating new opportunities and broadening access to them. We know we will only change the fortunes of our people and places by getting on with fixing the things national politics has neglected.”
“That’s why we’ve used our trailblazing devolution deals to put public services back in service of the public, becoming the first region in 40 years to bring buses under local control. And it’s why Greater Manchester is ready to pioneer a new model for economic growth – unlocking investment to build new homes, create good jobs, deliver infrastructure, and providing the everyday support that will enable everyone to live a good life.”
“Good growth is the defining challenge of our age – and today we are setting out a serious, practical plan to achieve it.”
The £1billion Good Growth Fund brings together different pots of funding, including an initial £300million invested by the Greater Manchester Pension Fund (GMPF).
A new strategic partnership between GMCA and GMPF – the first of its kind in the country – will prioritise local investment and align the GMPF’s investment to the GMCA’s Integrated Pipeline. Projects in the Integrated Pipeline will be able to access patient capital that aims for sustainable growth and long-term impact.
Cllr Bev Craig, leader of Manchester City Council and Greater Manchester lead for economy, business and inclusive growth, said: “Our game-changing GM Good Growth Fund will rewire how investment transforms local areas and people’s lives. We know that the past decade has been transformational for Greater Manchester. We’ve attracted record investment, and creating the right environment for businesses to grow, creating jobs and opportunities for our residents, not only becoming the UK’s fastest growing economy but turning the tide on decades of decline.”
“Our Good Growth Fund will drive the investment that will deliver thousands of new homes that people can afford, breathe new life into our town centres, create tens of thousands of jobs and ensure our city centre remains one of the most important engines of growth anywhere in the UK. It recognises that we all benefit when everywhere thrives.”
