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£360m boost for Hampshire economy

July 7, 2014 by Tez

Hampshire’s economy is set to receive a huge £350m boost after The Solent Local Enterprise Partnership secured £124m of government money. This cash injection aims to create new homes and revitalise the economy by providing thousands of new jobs. The huge project will result in Hampshire reaping a total of £360m in private and public investment ministers say.

As part of a £12 billion deal to boost Britain’s regional economies The Solent Growth Deal plans to hand money and power to local regions allowing autonomous operations without reliance on London connections.

Under the scheme Southampton’s Red Funnel ferry will be relocated and get a new terminal. Land released as a result of this move will allow the transformation of Southampton’s waterfront – including a luxury hotel and marina.

A new road at Whitely will be built along with 3,500 homes in the north of the area. Fareham’s new community of Welborne has sites ear marked for housing while Gosport road’s will be improved. A new bypass will be built at Stubbinton and Peel Common roundabout will have changes made to ease daily gridlock. Brockenhurst College will have a new science, technology and engineering block while Eastleigh College will be upgraded.

The investment could create up to 5000 new jobs for the area which the leader of Fareham Borough Council, Cllr Sean Woodward, says will be: ‘A tremendous boost for the area.’

Prime Minister David Cameron said: 'Growth Deals are a crucial part of our long-term programme to secure Britain's future. For too long our economy has been too London-focused and too centralised. Growth Deals will help change all that. They are about firing up our great towns and cities, boosting local economies and growth across the country.

This historic deal means real change with for transport in the area including citing journey times from Gosport to Portsmouth and improving the ferry terminals between Southampton and the Isle of Wight. It will also bring forward thousands of new homes. By trusting local people, backing businesses and investing in infrastructure, skills and housing, we can create thousands of new jobs. And that means more economic security, peace of mind and a brighter future for hardworking people across the south.'

Nick Clegg, Deputy Prime Minister, added: ‘We're putting power and money in the hands of people across the Solent who know how to spend it best.’

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