FUNDING

The main funding source is Central Government. In 2014, Greater Manchester was awarded money from the Local Growth Fund (LGF) of £314 million for major schemes (costing more than £5m) and £15.2m for small schemes (costing less than £5m) for the period 2015-16 to 2020-21.

As part of the Greater Manchester Devolution Deal, TfGM secured Government commitment to establishing a multi-year transport settlement for the medium term. This, says TfGM: “reflects the growth potential of the conurbation.”

Securing these funds, it says, will enable TfGM to “plan ahead and use resources more effectively than is possible with short-term funding streams.”

Another income source is via funding competitions targeted at specific policy objectives. TfGM has been successful with these before, and it says it will continue to present the case for investment.

Brexit is a concern. TfGM adds: “The decision for the UK to leave the European Union will clearly impact on funding, given that Greater Manchester has previously benefited from a number of European programmes. We will work with the Government to identify alternative means of funding for strategically significant projects.