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Over the last 20 years Cheshire and Warrington had become one of the fastest growing UK regional economies, with a gross value added (GVA) of £32.5bn.
The recovery plan sets out a detailed vision for getting that growth back on track with a focus in four key areas – sustainability, economic growth, inclusivity and health.
The document said the immediate priority is the redoubling of efforts to secure Government support to deliver the HyNet project in the region, which would provide the UK’s first hydrogen production and carbon capture and storage facility and be used to reduce carbon emissions from industry.
HyNet has the potential to create around £17bn GVA and 5,000 North West jobs before 2025, whilst also delivering more than 1m tonnes of carbon dioxide savings per year.
The LEP is now seeking a contribution of £200m out of the £800m pledged by Government for capital funding to Carbon Capture Usage and Storage projects.
With the pandemic having hit vulnerable groups hardest, LEP research revealed that some 29,400 people accessed the self employed income support scheme during the pandemic and the number of people claiming Universal Credit increased by over 80% since March 2020.
Now the LEP is leading a programme to get people back into work who found themselves unemployed due to Covid, working alongside partners such as the Department for Work and Pensions.
The LEP said it wants to ensure every young person who wants a place on the Government’s Kickstart programme gets one, along with funding a programme of online job fairs; and providing a single on-line portal for unemployed people to access job vacancies.
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The Recovery Plan also identified fast-tracking further investment into the region’s innovation-based economy, building on assets in energy, life science, and advanced manufacturing.
The LEP said it will accelerate investment in the Cheshire Science Corridor Enterprise Zone following conclusion of a £30m borrowing facility through local authority partners.
Other goals include establishing a life sciences sector group by June 2021 to develop a plan to reinforce Cheshire and Warrington as one of the best locations in the world for medicines discovery, formulation and manufacturing.
Efforts will also be redoubled to work with the University of Chester to secure an investment/development partner for Thornton Science Park before the end of the calendar year.
Another key focus for the plan will also aim to give consumers and visitors confidence that Cheshire and Warrington is somewhere that is open and safe to visit.