Â£270m South West Growth Deal signed
A £270m South West Growth Deal has been signed, which will create up to 13,000 jobs, allow up to 8,000 homes to be built and generate up to £140m in public and private investment.
The Heart of the South West Growth Deal secures £130m of government funding, and is part of a £12bn long-term programme to "revitalise local economies".
Greg Clark, minister for universities, science and cities, joined up with councils and businesses from across the South West to sign the deal.
"The growth deal we are signing today presents huge opportunities for the South West, creating thousands of jobs, building much needed homes, and improving local road and rail links," said Clark. "It demonstrates how the strengths of an area can be harnessed by freeing local councils and businesses from the controlling hand of Whitehall.
"By investing in infrastructure, skills and a new business growth hub this deal will ensure that local area has tools it needs to grow, and provide a brighter future for the people of the South West."
The signing ceremony took place at Exeter Science Park. It comes after the Cornwall 'Growth Deal' worth almost £200m was agreed.