The Kent and Medway Growth Deal
Through the Kent and Medway Growth Deal as part of the Strategic Economic Plan, the public and
private sectors intend to invest over £80 million each year for the next six years to unlock Kent’s
• Substantially increasing the delivery of housing and commercial developments;
• Delivering transport and broadband infrastructure to unlock growth;
• Backing business expansion through better access to finance and support; and
• Delivering the skills that the local economy needs.
Alongside our investment proposals, our deal for growth sets out the actions that businesses and local authorities in Kent and Medway, together with the South East LEP and central Government will take to drive forward delivery. Together, we will deliver:
Housing growth: We will deliver 49,000 homes over the next six years – meeting the needs of our growing population and economy.
Private sector employment: We will help to create 60,000 new jobs by unlocking housing and commercial development sites and creating sector growth through better access to finance.
Increased economic value: We will increase Kent and Medway’s levels of productivity and innovation, leading to an additional 11,000 knowledge economy jobs over six years.
We will achieve this through a capital investment programme focused on:
• The key transport projects which will unlock our priority sites;
• The recyclable South East‐wide SEFUND investment fund, which will invite bids from housebuilders and developers to bring forward new housing, commercial and energy infrastructure schemes;
• Investment in our skills infrastructure linked with the needs of our key economic sectors; and
• Direct access to business finance and support to back businesses in key sectors with the appetite and capacity for growth.
The Growth Deal sets out our case for Local Growth Fund investment in Kent and Medway as part of an intelligent funding package, alongside the new European structural fund programme, existing Regional Growth Funds, developer contributions and local authority funds.
Alongside SEFUND, Kent County Council will provide matching funding of at least £10 million per year to accelerate the delivery of housing and commercial developments – investing in those that are close to the tipping point of viability as well as supporting the delivery of those that are further away from the market. We will match our transport programme 1:1 in public and private investment. We will ensure at least 50% upfront private sector match funding on all finance directed to business. And we will back our capital programme with new revenue investment in sector‐focused careers guidance, business support and job matching.
To find out about the SELEP Growth Deal (2015 - 2021), announced in July 2014, please click here. A further announcement was made this January, confirming an expansion of the Deal with additional funding of £46.1 million, brining the total to £488.3 million - Growth Deal expansion.