THE EXPANSION of Malvern Hills Science Park is set to become a reality after county council chiefs were handed an injection of £47million from the Government over the next few years.
Worcestershire Local Enterprise Partnership will receive £12.9million from 2015/16 with another £34.1million in future years as part of the Worcestershire Growth Deal.
The cash is the county’s share of a £2billion national pot to fund infrastructure, housing, skills and transport projects and follows the submission of the county’s strategic economic plan (SEP) at the end of March, developed by the LEP and Worcestershire County Council.
The funding committed will allow up to 3,000 new jobs to be created, 1,000 new homes and generate up to £70 million in public and private investment by financing a series of major schemes across the county.
One of the schemes listed includes the expansion of Malvern Hills Science Park to enable space for more high-tech and cyber security firms.
Other projects include a centre of excellence for vocational engineering training and support and the development of Worcester Technology Park off Junction 6 of the M5.
Coun Simon Geraghty, responsible for economy, infrastructure and skills at Worcestershire County Council, said: “There’s a whole host of schemes the council and the LEP has been working on for a number of years, now they will come to fruition. This should give the public and businesses confidence, it’s a real boost for Worcestershire’s economy.”
Malvern MP Harriett Baldwin, who helped secure funding, added: “The Government has given a clear thumbs-up to the business-led approach reflected in the bid and has indicated that more funds will be made available in the coming years,” she said.
“I am particularly pleased to see money committed to the growth of Malvern Hills Science Park which will allow it to offer more space for start-ups and growing small business.”