Growth fund investment to bolster local economy and job creation

The money will be invested in key local industries from funds allocated specifically for this purpose; to drive growth and opportunity for residents through the Buckinghamshire Growth Fund.

The decision marks the first major investment from the Buckinghamshire Growth Fund, which was established following the transfer of the former Buckinghamshire Local Enterprise Partnership's functions into Buckinghamshire Council. The fund, supported by income generated through Buckinghamshire's three Enterprise Zones, was created to be re-invested to capitalise on the opportunities from the Zones, supporting projects that generate long-term economic benefits for Buckinghamshire's communities, businesses and residents. 

As such, the money is being invested in two key local industries that are driving local growth; the Robert Bosch Centre for Innovation and Excellence based in Denham, and the National Autonomy & Drone Innovation Centre (NADIC) at Westcott. The investment of £2.25m at Westcott and £2m at Denham will help to create future opportunities for residents and strengthen Buckinghamshire's position as a national leader in emerging technologies.

It will support two of Buckinghamshire's most innovative and fast-growing sectors. As home to one of only three specialist drone development sites in the UK, Buckinghamshire is already recognised as a leading location for the testing, development and deployment of autonomous and drone technologies.

Supporting the continued growth of this industry will help attract investment into the county, support local businesses, create highly-skilled jobs and strengthen Buckinghamshire's reputation as a destination for innovation and advanced technology.

Meanwhile, the creation of a new Centre for Innovation and Excellence by globally-known brand Bosch would also bring huge opportunity and benefit for the county, with the project plan including a new campus facility, a training suite for 6,000 learners a year and other brand new facilities that would be available for community use including a 400-person capacity auditorium.

Steven Broadbent, Leader of Buckinghamshire Council, said:

"This is about investing in Buckinghamshire’s future economy and making sure residents benefit from the skilled jobs, training opportunities and wider prosperity that successful innovation sectors can bring.

"The Buckinghamshire Growth Fund was created for exactly this purpose - to invest in projects that bring long-term value to our economy, communities, businesses, residents and I am delighted that this first major funding decision does exactly that. This is not simply investment in individual organisations, it is investment in Buckinghamshire’s ability to compete nationally in the industries that will shape future growth. It’s important to note that this funding is dedicated to economic growth and investment activity and is not money diverted from day-to-day council services."

Steven added

“This also about backing Buckinghamshire business - underpinning the value of existing companies here in Buckinghamshire that are making a valuable impact in their communities as well as the wider economy - the Bosch centre will ultimately provide community access and this wider benefit in the local area.

There is also exciting potential for residents to benefit directly from the technologies developed here. As these capabilities advance, we will be well placed to explore how they could support council services and make them more efficient. For example, drone technology could help us monitor utility company roadworks more effectively, inspect infrastructure safely and quickly, and gather information that helps us make better decisions on behalf of residents. And we also recognise the clear benefits in using the technologies Bosch are advancing in the automotive sector and low-carbon home heating solutions.”

The funding supports Buckinghamshire Council's wider ambitions to keep growing the local economy, encourage innovation and ensure the county remains one of the UK's leading locations for high-value industries. Innovation clusters create demand for local suppliers, support training and skills development, and encourage further investment across the local economy, helping to create jobs, prosperity and opportunity that can be felt across Buckinghamshire.

It reflects Buckinghamshire’s wider Economic Growth Plan, adopted in September last year.