Mr Clegg said: “This City Deal marks the beginning of a new era of growth and prosperity in Coventry and Warwickshire. It has the genuine power to change the fortunes of people across the region by creating new jobs and boosting businesses.”

The deal also includes an apprentice and placement scheme for young people at a number of small and medium-sized enterprises (SMEs).  

The Deputy Prime Minister said: “This deal puts the power in the hands of local people who know best what skills are needed and how to make sure young people are prepared to take advantage of the opportunities that economic growth will bring.”

Included in the deal is further expansion of an automotive industry test track and a research and development facility at Fen End, close to Balsall Common. 

This expansion will use £559,000 of investment from government to unlock £17 million of private investment.