Sir Peter Rigby, the chair of the Coventry and Warwickshire Local Enterprise Partnership (CWLEP), spent his last day in office being given a bird’s eye view of a major scheme designed to stimulate growth in the region.
The CWLEP and Warwickshire County Council have allocated funds for the improvements to junction 12 of the M40 which have also attracted £9 million from central government.
A new scheme will increase capacity at the junction which has struggled to cope with the growth and success of Jaguar Land Rover, Aston Martin and other local firms.
The CWLEP allocated £3 million through the Regional Growth Fund while Warwickshire County Council has contributed a similar amount to allow the project to go ahead.
It is one of several major schemes instigated during Sir Peter’s 20 months in the LEP role which will be delivered after he steps down.
“This is a perfect example of how the CWLEP can play a leading role in helping to unlock potential, stimulate growth and help to create jobs,” he said.
“It has been clear in recent years that this junction has struggled to cope with the increased volume of traffic as local companies have thrived and grown in size.
“Good communication links are vital for successful companies and we want to see our industries be able to fulfil their potential.
“This project has seen the LEP working with our partners at Warwickshire County Council and central government to dedicate funds to ensure this scheme happens, and allow that success to continue.”
Work on the scheme is due to start in early autumn and will be completed before the end of 2015.
Cllr Izzi Seccombe, CWLEP board director and leader of Warwickshire County Council, said: “The Jaguar Land Rover site is key to the economic growth of the region, bringing jobs, investment and opportunities for other local companies in the supply chain.
“Its success has meant that we no longer have the appropriate transport infrastructure to cope with thousands of workers travelling to the site.
“The safety of drivers is of paramount importance to the county council. We are pleased to enable work to begin on Junction 12 which will relieve the burden of congestion, make the junction safer for vehicles and ensure that Jaguar Land Rover can continue to expand.
“This is good news not only for their staff but for everyone in the region who will benefit from a thriving local economy.”