The Greater Brighton City Deal will expand the technological base at New England house to make it a major centre for creative and digital businesses, giving the city a chance to compete with other tech clusters around the world.
Deputy Prime Minister Nick Clegg said: “Were giving Brighton the freedom, power and tools to be really innovative and design whole new ways of building a stronger economy and fairer society.
“This City Deal puts power in the hands of local people who know best what skills are needed in the area to give it a real chance of changing the fortunes of thousands of people in and around Brighton.
The 170m investment consists of 6.7m from central government, 9.8m from the local public sector and over 155m of private sources.
Greg Clark, Minister for Cities, said: Brightons tech cluster has grown from very little ten years ago to having 1,500 businesses today. Its already making a huge impact on Brightons economic performance, and this City Deal will help accelerate its growth by ensuring that it can provide the space and infrastructure for high-value creative-technological businesses to grow. It can help turn Brighton into one of the most prosperous cities in the UK.
The city of Brighton is currently home to around 1,500 technological companies, the same number as London’s Tech City.