A deal that will lead to the creation of thousands of new jobs in the Solent was signed in Portsmouth on Monday, 13 October by Matthew Hancock MP, Minister for Portsmouth.
The £124.8m Solent Local Growth Deal was officially signed at Portsmouth Dockyard, marking a step closer to Solent LEP’s (Local Enterprise Partnership) plans to use the funds to bring growth and prosperity to the region.
Local Growth Deal Funds will be used to leverage additional investment from the private sector, developers and other local partners of £360m, resulting in a total investment package for the Solent valued at £484.8m.
That investment will result in the creation of 296,000 sq m of employment floorspace, support 600 businesses, create 5,000 new jobs, 2,500 apprenticeships, and provide 10,000 new homes.
Minister for Portsmouth Matthew Hancock, said:
“This is a great milestone for Portsmouth. The local infrastructure and transport that come from this Growth Deal will set Portsmouth in good stead for the years ahead. We’re partnering with firms in the city and adding £124 million to the local pot, to bring new jobs and homes to the Solent – and make sure that Portsmouth is at the cutting edge marine technology.
“We have been hugely impressed by the Solent LEP, and I’m already looking forward to the potential for Wave 2 of the Growth Deal.”
Solent LEP Chairman Gary Jeffries, said:
“We are delighted that the Government has demonstrated its commitment to the Solent with today’s Local Growth Deal signing. It is now vital that we work with our partners locally and in Government to ensure we deliver on the funding and flexibilities this Deal has unlocked.
“Our Local Growth Deal is a fantastic first step in delivery of our transformational plans, but we know there is more to do and we look forward to continuing to work with Government to ensure can get started on the next phase of delivery.”
