Advantage West Midlands (AWM) has made a number of interventions to support the economy of Herefordshire in the short, medium and longer terms. The investment by AWM in land and property projects in Herefordshire to date has been £34 million, which is expected to generate about £476 million gross value added (GVA) over 10-years. Its investment in market towns and similar activity in the area over the last three years has been £5.2 million, which is expected to generate about £20 million GVA over three years. The impact of initiatives in a particular year is hard to assess since it takes time for projects realise their full effect. However based on these overall figures, AWM's support is expected to generate an additional £54 million GVA for the Herefordshire economy in 2009.
Examples of investment activity in Herefordshire include:
Supporting a comprehensive programme of employment land supply across the county including Leominster Enterprise Park; Rotherwas Industrial Estate; the development of Model Farm at Ross on Wye, and employment land at Tenbury, just outside the northern boundary of the county.
Supporting the Edgar Street Grid initiative with a £20 million investment to provide infrastructure to enable the redevelopment of this 40 hectare area just north of Hereford city centre. This is expected to deliver 1,400 net new jobs and 1,000 new homes.
Supporting interventions that provide an immediate benefit to counter the impact of the recession including tailored support to the retail secto; further support to the Wheels to Work initiative to enable people to access work or training; support to Citizens Advice Bureaux; and funds to support events and festivals during the summer of 2009.
Funding for the Rural Regeneration Zone, which provides tailored support to business, communities and social enterprises, reflecting the unique character of Herefordshire.
Advantage West Midlands would be delighted to brief the hon. Member for Leominster on the full scope of its past, current and planned activities in Herefordshire.