SUPER fast broadband, more jobs for young people and help for first time home buyers are on the way with £122m being pumped into Gloucestershire's economy.

The investment, revealed by Shire Hall yesterday, includes at least £20million for fast broadband alone with roads dug up in mainly rural areas such as the Forest of Dean, between now and 2014 to enable better speeds.

The project will enable county-wide coverage of 2Mbps megabits per second broadband by 2015.

Councillor Mark Hawthorne (Con, Moreland), county council leader, said it was about providing for the future.

"Up to now Gloucestershire has managed to weather the storm – well now we can create a new tomorrow to give the county the infrastructure, jobs and future it deserves," he said.

And a "vital" scheme is being launched with a High Street bank to help young people who cannot afford to buy a home.

From April, the council will agree to underwrite deposits so potential owners fork out less cash to secure their first mortgage. A total of £1 million has been put aside for it.

First time buyers would only need deposits of five per cent to agree a deal with Shire Hall providing a written guarantee of 20 per cent to ensure the bank can access cheap credit and press ahead with mortgage.

Help will be available to young people who need loans of up to £152,000.

Mr Hawthorne added: "This is a rallying call from us – we are saying, let's make Gloucestershire a better place and really help young people get on the housing ladder."

The majority of the money is from the Government but the council is adding at least £12million into the pot itself.

In other measures, £1million is being sunk into an opportunities fund for the young people.

Schools, businesses and community groups can bid for slices of the cash to launch projects to help create new jobs.

Around 25 apprenticeships will also be created at the council itself.

And plans are being drawn up for a skills summit in March, which could lead to the creation of a Young People's Partnership to bring together all the county's key players to discuss how to create new jobs.

Councillor Paul McLain (Con, Charlton Kings), deputy leader and cabinet member for vulnerable families, said: "This is so, so exciting – it goes to show we are prepared to put our money where our mouths are, to make a real difference."

Political opponents of the council and business leaders also backed it.

Councillor Steve McHale (Robinswood), leader of the opposition Labour group, said: "It's got to be welcomed, there's no doubt of that."

Mark Owen, from the Gloucester branch of the Federation of Small Businesses, said: "This is a sign Gloucestershire is open to the world."

Other elements of the package, known as the Economic Stimulus, include key transport, road and rail upgrades.

It includes some measures already revealed such as the Swindon to Kemble rail upgrade, a Cinderford spine road which will be the backbone to the area's northern regeneration, bus shelter upgrades and new cycle lanes.

Shire Hall has also agreed to hand over £1million to put towards a new bridge at junction 10 of the M5, with the Highways Agency doing the work.

Citizen Editor Ian Mean - comment

THE total amount revealed in the economic stimulus plan stands at £122m. Here is how it breaks down:

Better broadband £20million – £7.5m is via the council, the rest is from the private sector or Government, all the money is secure and will be spent from this year to 2014.

Road improvements £5.6million – all supplied by the Government via the economic partnership group GFirst. The cash will be available later this year.

Cinderford Spine Road £10million – Government funding now secure and work will start this year to be completed by mid-2015.

Elmbridge park and ride £16 million – money from the Government, is already secured, work will be done by 2015.

New cycle routes, bus shelter improvements and the closure of Boots £21million – £16m of this is subject to a Government bid, will know outcome by May, council is stumping up the other £5million if bid is successful, no dates announced yet.

Upgrade of the Swindon Kemble line – £45million – Government cash, work to be done by spring 2014.

M5 Junction 10 upgrade – £1million contribution by the council towards a new bridge by 2013.

Work with other councils on core development strategies – £2 million. All money is from the council, and is available from April.

Opportunity fund for young people £1million. All the pot is council money available from the same month.

Mortgage scheme £1million, will launch the same month.