Greater Manchester plan for £10 billion investments in next ten years

Helen Clarke

Greater Manchester has unveiled an ambitious ten-year plan to deliver tens of thousands of new jobs and homes.

Proposals published yesterday show plans to deliver £1 billion of investment annually for the next ten years and build homes on a scale not seen for two decades.

At the heart of the plan is the creation of a single pipeline for growth which would target investment at Growth Locations across Greater Manchester - sites with the highest potential to boost the regional economy and bring benefits to all 10 boroughs.

Mayor of Greater Manchester Andy Burnham said: "Greater Manchester is ready to kickstart a new decade of growth at the heart of a resurgent North.

"We’ve used our devolved powers to deliver the biggest change in public transport since the ‘80s, now we'll use them to deliver transformative regeneration across our city-region.

"With the backing of Government and private investors, we can do even more and add an extra £13 billion a year to the UK economy."

Each location has land earmarked and shovel-ready for the creation of new housing and employment sites which would spread the benefits of economic success.

Last week it was revealed that one Growth Location scheme alone could unlock 48,000 new jobs, 17,000 new homes, and add £4.2 billion to the local economy.

The area around Manchester United’s Stadium in Old Trafford is a key part of the Western Gateway Growth Location, with plans to create new housing, commercial and public space around a new 100,000-seater stadium, or a refurbished 87,000-capacity ground.

The Old Trafford Regeneration Scheme represents the biggest sports-led regeneration scheme since the London 2012 Olympics.

Economists say it could transform the area’s fortunes just as MediaCity transformed Salford Quays - and give a £7.3 billion boost to the UK economy.

To drive forward this major regeneration project, Greater Manchester is setting out proposals for a new Mayoral Development Corporation (MDC) for Old Trafford.

It would replicate the success seen in Stockport, where the MDC took on powers to acquire and develop land and bring forward new infrastructure.

Stockport MDC has so far attracted £600 million in private investment and delivered 1,200 new homes, 170,000 sq ft of Grade A office space, and a new transport interchange.

Arooj Shah, Leader of Oldham Council said: "Locally we’re already driving forward major regeneration schemes to unlock Oldham’s future potential, from the development of 2,000 homes in the town centre, to the revamp of Spindles Shopping Centre, and the restoration of the beloved Old Library."