£15.7million has been confirmed in the first year, and as part of the Government’s on-going commitment to the Oxfordshire LEP it has provided an indicative award of a further £92.9million of funding from 2016/17 onwards. This deal will help to create up to 5,700 jobs, allow over 4,000 homes to be built and generate over £100m in public and private investment.

The key features of the deal are:

• Investing in substantial measures to reduce the risk of flooding, so that businesses can continue to operate, roads and railway lines are kept clear, and people can be confident that their homes and businesses won’t be damaged.
• Investing jointing with the University of Oxford in a new Centre for Applied Superconductivity which will bring university professors and entrepreneurs together to collaborate on exciting developments in fields as diverse as computing, cryogenics, x-rays and MRI scanning and electricity storage.
• Investing with the City of Oxford College, and Abingdon and Witney College, in state-of-the-art skills centres that will train local people in science, engineering and technology, providing them with the skills they need to get a job.
• Significant investment in better transport links including roads, parking, and cycling networks – joining up Oxfordshire’s world class universities with its businesses and helping people get to where they need to be faster.
• Additional investment into the Oxfordshire Growth Hub to help local businesses access support and make the connections they need to grow.

The Oxfordshire Growth Deal is part of a national £12 billion long-term programme to revitalise local economies. The deals are the latest and greatest example of the British economy being rebuilt from the bottom up, and sharing the benefits of the recovery around the country. Local businesses and council leaders have been invited to open discussions immediately on the next set of projects to be funded, building on the momentum that has been established.

The Prime Minister said: “Growth Deals are a crucial part of our long-term plan to secure Britain’s future.

"For too long our economy has been too London-focused and too centralised. Growth Deals will help change all that. They are about firing up our great towns and cities, boosting local economies and driving growth across the country.

“This historic deal means real change for Oxfordshire including better transport links to connect businesses and ease commutes, reducing the risk of flooding to protect homes and businesses, and investing in skills in key sectors such as science, engineering and technology.

“By trusting local people, backing business and investing in infrastructure, skills and housing, we can create thousands of new jobs. And that means more economic security, peace of mind and a brighter future for hardworking people across Oxfordshire”.

The Deputy Prime Minister said: “The Oxfordshire Growth Deal will create thousands of jobs, provide incredible new training opportunities for young people, build of new homes and improve transport links across the region for people and their families; building a stronger economy and a fairer society.

“We’re placing the power and money in the hands of people in Oxfordshire who know how to spend it best, making a real difference to local communities.”

Adrian Shooter, Chairman of Oxfordshire Local Enterprise Partnership, said: “We are delighted with the Government’s continued support of Oxfordshire’s growth ambition in transport infrastructure, education to support big science and the flood relief scheme, building on the recently agreed innovation led City Deal. This funding will enable the delivery of more than 4,000 homes, supporting 5,700 new jobs in Oxfordshire and is the start of an on-going Programme for Growth to 2020 and beyond”

Cllr Ian Hudspeth, Leader of Oxfordshire County Council, said: “The Government has shown its commitment to Oxfordshire’s ambition to be a global leader in science and technology, with more than £100m of funding for major schemes that will support job creation in Oxfordshire.

“I am particularly pleased that £35m has been committed to the continued development of the ‘science transit’ public transport links between major research establishments and the much-need improvements to the A40.

“All these improvements will massively improve transport connections within the county and encourage science and technology companies to invest in Oxfordshire.”