Communities Secretary Sajid Javid has this week announced a government cash boost of £31 million for the Solent area to help create jobs, support businesses and encourage growth.
The Solent LEP hopes to use £25.7m of the funding to bring forward Stubbington Bypass, a strategic investment which will transform connectivity of the Solent Enterprise Zone and wider Fareham and Gosport peninsula.
Alongside boosting the potential of the Solent Enterprise Zone, the investment will unlock new land for housing, enabling the delivery of 900 new homes and leverage an additional £200m of investment in the area.
Solent LEP will also use Growth Deal funding to establish a Solent Productivity Investment Fund for the area, enabling the LEP to invest in local skills and infrastructure projects which enable productivity growth in the Solent.
Alongside the £31.02m Solent Growth Deal, Solent LEP will bring forward the next phase of development at Centenary Quay in Southampton. This investment, which is separate from the Growth Deal, will unlock over £64 million additional private sector investment and enable delivery of more than 340 new homes.
This latest award of ‘Local Growth Funding’ is on top of £151.9 million of Growth Deals funding already awarded to the Solent LEP. The total award could see 6,500 jobs created, 12,000 homes built and attract £600 million in additional investment over the next 5 years.
Communities Secretary Sajid Javid said:
“As part of efforts to deliver an economy that works for everyone, the Government is devolving powers and resources directly from Whitehall to local people who know their areas best.
Article continues below this advertisement “That is why we’re giving £31million new money to the Solent to give businesses the support and opportunities they need to achieve their potential, including bringing forward the Stubbington bypass. This is on top of the £151.9 million we have already awarded.
Solent LEP Chairman Gary Jeffries said:
“The Solent economy has huge potential and the investment announced today for Stubbington Bypass represents a major boost to the region through unlocking growth opportunities on the Fareham / Gosport peninsular.
“The bypass was identified as a key scheme within our Transport Investment Plan, however, we know there is more work to do and we will continue to work with both local partners and national agencies in the coming years to secure the further investments which will unlock growth opportunities in Southampton, Portsmouth and on the Isle of Wight.”
Details on how to put forward projects for consideration under the Solent Productivity Investment Fund will be announced by the Solent LEP in due course.
Money from the Local Growth Fund has already supported the construction of a new £10.9m Centre of Excellence for Composites, Advanced Manufacturing and Marine skills at East Cowes, giving local people the skills to work in local world class composites and marine businesses. The centre will open this year.
