UPDATED: The Island’s MP, Andrew Turner, has welcomed an announcement of funding for Island projects from the Local Growth Fund, together with continued support for small businesses and grants to either start up or expand.
The Department for Business, Innovation and Skills (BIS) released the news today (Monday) that more than £25m of support is to be made available through the Solent Local Enterprise Partnership (LEP) for two major Island projects.
Cross-Solent connections will be improved by moving and upgrading Red Funnel’s terminals at both East Cowes and Southampton and a new Composites Centre of Excellence will be developed – providing 1,250 high quality apprenticeship opportunities over the next six years.
The Solent Growth Fund, providing start-up and expansion grants to small businesses across the Solent area, has secured funding until 2021 and there is long-term security for the Solent Growth Hub which helps businesses find sources of help and support. There will be a focus on new jobs associated with the Local Growth Fund being opened up to local unemployed and long-term unemployed people.
Mr Turner has said today:
“This is a really welcome boost to the Island economy and local jobs. Funding for two specific Island projects will help businesses deliver key objectives – with significant funding also coming from the private sector. These awards reflect the high quality of the bids submitted.
“The £10.9m for the Composite Centre of Excellence is great news. The Isle of Wight College is rated as ‘outstanding’ by Ofsted and the partnership with GKN will deliver real opportunities for Island youngsters and others to develop high tech skills. Expertise in composites is particularly sought after in the marine, renewables and aerospace sectors, where the Island has considerable experience as well as great potential.
“I have always argued that better connectivity is key to the Island’s future; the £15m support for Red Funnel to relocate and modernise their terminals on both sides of the Solent will help achieve that. It will also enable the East Cowes regeneration project to get underway, providing new jobs and homes.
Article continues below this advertisement “The Island has done well out of this round of funding announcements. The Solent LEP Chairman Gary Jeffries told me last week that the quality of bids to the Solent Growth Fund from small businesses on the Island is also high, so there is likely to be even more good news over coming months. Along with recent confirmation that most of the Island has qualified for the Assisted Area Status map for the next seven years, it shows that this Government understands the unique challenges facing the Island’s economy and is prepared to help address them.
“I’m meeting Rt Hon Michael Fallon MP, Business Minister in Southampton later this morning, along with representatives from the Solent LEP, the Council and Red Funnel. I’m sure we will all be united in welcoming these announcements.”
UPDATE @ 11:45 – The Isle of Wight Council have also welcomed today’s news and have said by moving the ferry terminal, a new town centre will be created in East Cowes with access to the waterfront.
The funding also provides for a new floating bridge and improved highways infrastructure with cycling and walking routes.
Councillor Ian Stephens, leader of the Isle of Wight Council, has this morning said:
“The investment announced today for improved connectivity to the Island is critical for businesses and residents here and will unlock major growth opportunities for us.
“We welcome the opportunity this project will bring to secure our connection to the mainland and improve our economy through an increase in the number of visitors to the Island.
“I am also pleased at the benefits it will bring to East Cowes allowing us to bring new life to the town centre and create opportunities for investment and employment while improving the connectivity with West Cowes through the provision of a new floating bridge.”
The Council will be working closely with Southampton City Council and Red Funnel to progress plans, with work due to start in 2015.
