Lancashire Council has received the green-light to rollout broadband across the region having secured £62.5m in funding from a number of resources, including the government's Broadband Delivery UK (BDUK) project and internet service provider BT.
The Council secured the funding through as variety of sources, with BDUK providing £10.8m, BT offering £30m, the European Regional Development Fund £5.2m, and £5.2 from local councils in the area.
BT had already committed to rolling out broadband in the region as part of its £2.5bn investment to provide two-thirds of the country with superfast broadband.
But with the additional funding from Lancashire will ensure that 97 per cent of the region gets superfast connectivity.
The council claimed that some 2,500 jobs will be created due to the increase in broadband speeds in the area, and safeguard some 1,200 more, by helping firms in the region become more competitive.
"The project will transform the broadband landscape across the county and ensure that local businesses can become global businesses," said Edwin Booth, the chairman of the Lancashire Enterprise Partnership.
"It will ensure that firms remain here and it will also attract a more diverse range of high growth, high value companies to the county."
The services BT will provide will include fibre-to-the-cabinet (FTTC) technology that will offer speeds of 80Mbit/s download and 20Mbit/s upload, and fibre-to-the-premises (FTTP) technology that BT claims will be able to go as high as 300Mbit/s.
BT claimed this would have a huge boost for businesses, allowing them to run numerous bandwidth-intensive applications, send and receive huge volumes of data quickly and easily and enable the use of cloud computing due to the faster connection speeds.
"It's great to see Lancashire be first out of the BDUK starting blocks in this regional race for speed," said Bill Murphy, managing director for next-generation access at BT.
"We're looking forward to working with other local authorities and devolved governments to bring the economic benefits of high speed broadband to businesses and communities across the UK."
The government also recently announced 10 cities that will be eligible for additional funding to help them roll out high-speed broadband, as it looks to ensure that homes and businesses can access superfast services to boost the economic growth potential of the nation.
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