South: Vail Williams welcomes Growth Deal – but cautions of more work to be done

The Government’s expansion of Growth Deal funding for the Solent Local Enterprise Partnership (LEP) has been welcomed by commercial property experts at Vail Williams – but with a caution that more investment is needed to nurture further economic development.

Figures released by Downing Street show the £124.8 million originally allocated for the region has now been expanded to £151.9m.

Vail Williams partner Martin Tice reacted: “This extra investment is very welcome. Through working with our clients and our knowledge of the local area, we understand the progress that is possible in the Solent region through the Growth Deal.

“In particular, the £25m allocated for a new National Maritime Centre of Excellence in Portsmouth will be a major boost for jobs and strengthen the maritime heritage in the city.

“Also, the £15.8m over several years for the transport project to improve access to the Solent Enterprise Centre in Gosport will help to overcome the significant road access issues into the town. The £2.6m for new technology to bring the motorway and local road system together is another welcome initiative.”

He added: “I hope this extra money doesn’t mean that anyone thinks the job is done, however. David Cameron has set his sights on ‘full employment’ in the economy – but with the road infrastructure in the region already under severe pressure at peak times we’ll need more investment to help meet this goal.

“In addition, the rail link between Portsmouth and Southampton is in urgent need of investment to improve the journey time between the two cities and encourage people to choose rail over car.”