Speaking from the National Marine Aquarium today the Chancellor, George Osborne, outlined a six point economic plan for the South West highlighting what has been delivered, what is underway and the next steps in building a powerhouse that enables the region to reach its potential as a driving force in the UK economy.
The Chancellor set out six key commitments in the long term economic plan for the South West. His plan is to:
- Increase the size of the regional economy by £6.4 billion in real terms by 2030 – equivalent to over £1,000 per person - by increasing the long-term growth rate of the South West to at least the long-term growth rate of the whole UK.
- Create over 150,000 new jobs in the South West by supporting private businesses, advanced manufacturing and skills to ensure we maintain the current high rate of job creation.
- Deliver at least £7.2 billion of investment in transport in the South West and deliver a step change in digital connectivity. Supporting the complete dualling of key roads including the A303, and the full electrification of Brunel’s Great Western Main Line including brand new electric trains, together with exploring the feasibility of a dedicated rail franchise for the South West and delivering 95 per cent superfast connectivity by 2017 through the government’s superfast broadband programme.
- Support the tourism sector to draw more people to the South West’s beautiful countryside and coastlines, with the aim of increasing the number of annual overseas visits to the South West to 3 million by 2020, creating around 7,000 more jobs.
- Ensure the world class defence assets and cyber security industry of the South West provide the maximum benefit to the local economy, with new plans to expand the economic benefits of the navy and marines in Devon, the army at Salisbury Plain, and the defence industries near Bristol, so we sustain 59,000 defence industry, 36,500 military and 17,000 civilian defence jobs in the region.
- Build on the South West’s existing reputation in life and agricultural sciences and boost science more broadly, supporting tech clusters, green energy, promoting skills development and an innovative rural economy.
Speaking after the event Sheryll said, “I am really pleased that the Chancellor came to Plymouth to outline his vision for a vibrant economy for the South West. This shows that the Conservatives have a plan to build the economy but it is clear there is no quick fix and it will take time and hard work.
“I know local people will rise to the challenge as long as the government give the right infrastructure and framework to enable the people to build that economy. I have taken the time to visit many businesses across my South East Cornwall constituency and have had many discussions with the treasury team to raise these issues with them. I am pleased that they have clearly listened but I will continue to push for more funding for our area in particular a fairer funding formula for rural areas.”
ENDS
Contact: Sheryll Murray MP 01579 344428
Pictured: Sheryll and George Osborne at the meeting.