The British government announced Monday to invest 6 billion pounds (10.3 billion U.S. dollars) for boosting local economies across England.
The money will go towards providing support for local businesses to train young people, create new jobs, build new homes and start infrastructure projects, according to the government's announcement.
As a part of its long-term economic plan to secure Britain's future, the government is agreeing a series of "Growth Deals" on Monday.
The 6 billion pounds is the first instalment of plans to invest at least 12 billion pounds in local economies in the "Growth Deals".
This includes the complete allocation of 2 billion pounds from the Local Growth Fund for 2015 to 2016, and, because the quality of the proposals was so high, in some cases commitments are being given for following years for important long-term projects so they can get underway.
British Prime Minister David Cameron said:" Growth Deals are a crucial part of our long-term plan to secure Britain's future."
"For too long our economy has been too London-focused and too centralised. Growth Deals will help change all that. They are about firing up our great cities, towns and counties so they can become powerhouses," said Cameron.
"By trusting local people, backing business and investing in infrastructure, skills and housing, we can create thousands of new jobs," added Cameron.
The government expected the fund to lead to work on more than 150 roads, 150 housing developments and 20 stations, as well as providing small business support services in every part of England and significant investment in skills training. (1 pound = 1.71 U.S. dollars)