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Region to receive £7 million boost


A £415 million cash injection to back business, boost high streets, create jobs and help local economies thrive has been announced by communities secretary Eric Pickles, as part of the Government’s long- term economic plan.


Pickles said: “We are backing business and enterprise right across the country, helping town centres and local industries to prosper, and building a stronger economy.


“This money for infrastructure will transform acres of Enterprise Zone land and build a stronger, more competitive business environment that will create up to 3,000 jobs for people across the country.“


Twelve Enterprise Zone bids have been shortlisted to complete critical ’nuts and bolts’ infrastructure that will turn dormant sites into prime economic land, attracting new businesses and jobs to the Solent along with Harlow, Humber, Leeds, Sheffield, Discovery Park in Kent, Oxford, Daresbury, Alconbury, London’s Royal Docks, the Black Country and Nottingham.


The Solent Enterprise Zone will receive up to £7.09m to unlock the Waterfront’s full potential by constructing over 1km of new road and remediating contaminated land. The investment will open up new development sites but in the longer term is critical to delivering comprehensive redevelopment of around a third of the Solent Enterprise Zone by enabling development of around 70,000 sq m of commercial development and refurbishing listed buildings for residential use.


Gary Jeffries, chairman of the Solent Local Enterprise Partnership (LEP), said: “This is excellent news. Significant construction work is already underway on the Solent Enterprise Zone and this enables us to start work on a new area, the Gosport Waterfront.


centre is due to open in 2015 which will attract high-growth companies to the Zone and support micro- businesses and start-ups.


Around 200 new jobs are in the pipeline on the Enterprise Zone and the target is to deliver 3,500 jobs, turning the area into a major new cluster for engineering businesses especially concerned with marine and aerospace.


The Solent LEP has established a £2.9m fund to attract expanding companies that will create new employment opportunities within the Zone.


“The £7m grant from the Department for Communities and Local Government will unlock this area’s considerable potential by enabling us to invest public money in critical infrastructure. In the slightly longer term we will be seeking investment in a comprehensive redevelopment for the Waterfront which will present an exciting opportunity for private sector investment.“


Minister for Portsmouth Michael Fallon said: “The Government is working in partnership with business and local leaders to generate new jobs and growth in this great city. This £7m is another welcome boost for the local economy and will ensure that the infrastructure is in place to successfully regenerate the Gosport Waterfront site. The target is to have 3,500 jobs in this Enterprise Zone and this funding is an important step in making that a reality.“


The Solent Enterprise Zone at Daedalus (pictured) is a hub for marine, aerospace and advanced engineering. A £12m Centre of Excellence for Engineering will open this September and will train around 900 students a year in advanced engineering skills. An innovation


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MARCH 2014


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