Funding to kickstart Cheltenham's £1 billion Golden Valley development has been re-confirmed by the Labour government following the Autumn Budget 2024.
The major project, which is being led by Cheltenham Borough Council and its developer partner HBD, was provisionally allocated £20 million from the previous government's Levelling Up Fund for its first phase — the building of a landmark innovation centre for the UK's cyber, digital and creative sectors — in November 2023.
That funding was secured through a memorandum of understanding with the Conservatives in June 2024, but until this week, no confirmation had been given by the new Labour government that the funding would be granted under its plans.
In a letter from Deputy Prime Minister Angela Rayner on Friday 1 November 2024, the government confirmed that funding for projects
announced in rounds one to three of the Levelling Up Fund would be protected, recognising that many have the potential to 'unlock vital local growth and regeneration across the
country'.
It is hoped the Golden Valley project — a key part of the UK's National Cyber Strategy — will see thousands of new jobs created in Cheltenham, with plans for a million square feet of commercial space, the landmark National Cyber Innovation Centre and 1,000 new homes along with green spaces and leisure facilities.
Councillor Rowena Hay, leader of Cheltenham Borough Council, said: 'We are delighted that £20 million Levelling Up funding for the Golden Valley development has been re-confirmed following the Budget. We have always been confident that the National Cyber Innovation Centre will be successfully delivered. It will be a national asset that has the potential to build on Cheltenham's place as a global leader in technology and security.
'The opportunity offered by Golden Valley not only helps us deliver jobs and prosperity for local people but will also lead to a notable transformation in national-security relations between government, academia and industry. The National Cyber Innovation Centre has been described as 'a true international centre of innovation' in the National Cyber Strategy.
'Now we have confirmation we can continue to realise the vision and ambition of the Golden Valley development and we look forward to working closely with all stakeholders to bring this transformative project to life.'
