Gosport MP Caroline Dinenage has welcomed the announcement of a significant investment package which will enable Portsmouth and Southampton City Councils to secure the future of major redevelopments in the region.
The deal will eventually bring £950 million of public and private investment into the area, creating more than 17,000 jobs for local people. The flagship project will stimulate the regional economy by unlocking two strategically important sites in Portsmouth and Southampton.
As part of the deal, the Solent Jobs Pilot will provide £5.8 million to help 1,000 long term unemployed people to get back to work and a £10 million programme will be launched to help local SMEs flourish.
Speaking after the announcement, Caroline commented:
"After the disappointing news that Portsmouth shipyard will no longer be building our naval ships, I'm pleased that the Government has expressed its commitment to supporting our area through this difficult economic and structural transition. Putting the power in the hands of local people will ensure that the funding reaches those who need it most.
Portsmouth and Southampton are cities with vast amounts of potential and I am confident that the City Deal will ensure that these opportunities are maximised. Gosport's geographical location between the two cities means that we stand in a great position to benefit from the investment."
The announcement comes a week after the news that shipbuilding will come to an end in Portsmouth next year. The package will provide essential support for the regional economy and will help to mitigate job losses caused by the shipyard's closure.
