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Greater Manchester’s leadership has revealed an ambitious £1 billion strategy encompassing 30 new initiatives designed to stimulate economic growth across the city region. Each of the area’s ten boroughs will benefit from three projects, with the initial phase anticipated to create nearly 3,000 new homes, provide 22,000 jobs, and develop two million square feet of commercial space. Mayor Andy Burnham emphasized that this early investment is expected to attract an additional £1.3 billion in private sector funding.
Notably, the Greater Manchester economy has emerged as the fastest expanding in the UK, growing annually at a rate of 3.1%, which surpasses the national average by more than double. Historically, this growth has been concentrated around Manchester itself, prompting the launch of the GM Good Growth Fund to spread economic benefits evenly throughout the entire conurbation. This fund consolidates several government funding sources and includes a £300 million contribution from the Greater Manchester Pension Fund. Some of the allocated funds will be structured as loans, which will be repaid and recycled into future projects, ensuring sustainability of investments.
In terms of regeneration, the first tranche of £400 million will focus on housing developments such as Oldham’s Prince’s Gate and Wigan’s Cotton Works projects. It will also support revitalization efforts in town centres including Ashton-under-Lyne in Tameside and Prestwich in Bury. Furthermore, this phase will provide backing for Mayoral Development Zones in several locations, namely Stockport, Bolton, Leigh, and Middleton. Regarding the importance of this growth, Mayor Burnham stated, “Good growth is the defining challenge of our age – and today we are setting out a serious, practical plan to achieve it.”
Residents like Bilal Sadiq, who lives in Oldham and works in Prestwich, have voiced support for these investments, particularly welcoming the £6.8 million allocated to new retail spaces and a community hub in Prestwich. Reflecting on recent developments, he remarked, “I think it would be good for the area. You go to Manchester now and see all these skyscrapers being built and you think ‘what are they doing for our local area?’” Mr. Sadiq also expressed hope that areas such as Rochdale and Oldham will see similar economic uplift. This fund is expected to launch a pioneering partnership between the Greater Manchester Combined Authority and the Pension Fund, forging a model to prioritize local investment within the UK
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