Today the Leader of Labour-run Oxford City Council, Cllr Bob Price, signed a multi-million pound deal with other local councils, the government and partners which could bring up to £1.2bn worth of investment to the county and 50,000 new jobs.
The City Deal means that £55.5m worth of government funding will be controlled locally to boost growth in the area. This money will be spent investing in transport, skills and housing. It includes proposals including the creation of 500 highly-skilled apprenticeships, a new bus scheme, smart-ticketing similar to London's Oyster Card, 7000 new homes in the county and new road links to improve our local infrastructure.
The deal will bring in 19,000 new high-skilled jobs to the county and create an additional 31,400 in construction. £1.5m will be spent on training people in the skills needed to fill these new jobs.
Alongside private investment and existing schemes, it is estimated that the City Deal will mean £1.2bn investment in the county across its 5-year life.
Cllr Price said: "The City Deal underpins a clear vision for the future development of Oxford and Oxfordshire as a powerhouse for science and technology-led innovation.