The Solent LEP is creating a new centre of excellence on the Isle of Wight focused on the growth area of composites. The centre will be supported by the global engineering company, GKN and based alongside their high-tech facilities. It is part of a £124.8m package of funding aimed at the Solent region, following on from City Deals in Southampton and Portsmouth.
The LEP’s Local Growth Deal includes a package of measures to enhance skill levels in the area to enable young people to take advantage of jobs in growing sectors, including marine, maritime and advanced manufacturing. The deal is also good news for the Solent’s SME base, with £12m secured to continue the Solent LEPs successful Bridging the Gap funding programme for the next 6 years on a Solent-wide basis.
The Local Growth Deal will also provide a £14.95m investment package to transform and modernise the Red Funnel terminals at East Cowes and Southampton, improving connectivity and removing capacity constraints. Moving the ferry terminals will release land to underpin the Southampton Royal Pier and in East Cowes regeneration schemes, which will include employment space and 550 new homes. In return, Red Funnel will invest £15m in refurbishment of the ferry fleet. These transformational measures are designed to support strategic developments, relieve congestion and reduce journey times across the Solent area.
Kevin Smith, IW Chamber Of Commerce Chief Executive said:
“This is great news for the Isle of Wight and will lay the foundation for economic growth, reinforcing the aspirations that the IW Chamber has for the Isle of Wight. This includes growing the Island’s manufacturing base, particularly in areas of strength such as marine and composites. The Chamber, working with key partners such as the Isle of Wight Council and the Isle of Wight College, will also focus on skills development within these areas, helping to provide Island businesses with the skilled workforce that these important industry sectors require”.
Debbie Lavin, Principal, Isle of Wight College, said:
“This is a massive breakthrough for the Isle of Wight. The new centre will create a world-class workforce and help to assure sustainable long term economic success for local people and the island as a whole”.
Peter Conway, Chair of Governors at the Isle of Wight College, said:
“The bid for funding for this project was led by GKN Aerospace and supported by other local employers in the composites, marine and advanced manufacturing industries. I am delighted for all concerned that the Isle of Wight College has helped secure investment in this most critical area of the economy. This successful bid recognises the excellent partnership and relationships that exist between employers such as GKN Aerospace, the College and the Local Authority”.
Cllr Ian Stephens, Leader of the Isle of Wight Council, 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”.
Kevin George, Chief Executive Officer, Red Funnel, said:
“We were delighted to see Government recognise the unique challenges that need to be addressed in relation to connectivity to the Isle of Wight and welcome the backing they have provided to fund the public infrastructure needed to develop the waterfront access in Southampton and East Cowes. Following this significant announcement we look forward to working with the many stakeholders involved to agree the detailed plans which will enable a better ferry service with improved connectivity to trains, planes and buses, as well as creating jobs in the Solent region”.
Gary Jeffries, Solent LEP Chairman, said:
“We are delighted that Government has strongly endorsed the Solent Strategic Economic Plan and backed us with significant funding to get started on delivery.
“Today’s announcement will enable us to begin the process of transforming the Solent economy, bringing forward new homes and jobs at three strategic sites, enhancing transport connectivity across the Solent, growing our skills base and supporting business growth.
“Securing over one third of our total funding request in year one is a great start for our plan as a whole and brings us much closer to our longer term target to 2020 to secure 15,500 new jobs, support 1000 businesses and enable the delivery of 24,000 homes in the Solent. We will shortly begin work to develop our funding requests for future Local Growth Deal rounds to build on the success of today’s announcement.
I would like to take this opportunity to thank all those from across the Solent area that have supported the bid and hope that we can continue to work together moving forward to unlock even more funding in future funding rounds”.
