The event marked the beginning of work on the ground as part of the project - worth more than £430 million - to deliver economic growth, new jobs and homes over the next decade by delivering substantial new roads and other transport and infrastructure improvements.
Business leaders heard first-hand from central government and local partners about how the City Deal will help accelerate growth in Lancashire over the next ten years.
Agreed between Preston City Council, South Ribble Borough Council and Lancashire County Council, along with central government and the Homes and Communities Agency (HCA), growth created by the City Deal will create more than 20,000 new jobs and more than 17,000 new homes. It will also boost the local economy by £1bn and attract £2.3bn in leveraged commercial investment.
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Work started at the end of May on an £8 million scheme to cut congestion on the A582, a key route into Preston. This first phase of work will widen the road at its junction with Chain House Lane, to provide more lanes for traffic and make it easier for cyclists to use. Following this, work will start in June to upgrade the A582 north of Cop Lane to a dual carriageway with improvements to the junction with Leyland Road.
The project is part of plans to increase capacity on vital routes outlined in Lancashire County Council's Highways and Transport Masterplan for the area, and is one of four major highway schemes to be delivered under the City Deal.
The Lancashire Enterprise Partnership, the private and public sector partnership that provides strategic leadership for the county's economy, is responsible for ensuring that the City Deal is delivered.
Lord Heseltine said: "It's fantastic to see the rapid progress that has been made in Preston, South Ribble and Lancashire over the last six months. The City Deal has given the area the opportunity to unlock significant economic growth and leverage considerable commercial investment. The area can now build on the excellent progress of City Deal and pave the way for securing future growth through the Growth Deal process."
(CD/IT)
