Following the disappointing news that shipbuilding operations at Portsmouth Naval Base will cease in the second half of 2014, the Solent Local Enterprise Partnership (LEP) has acted quickly to launch a £14m package of support to mitigate the impact of this decision on the Solent economy.
Over £7m of funding support has been made available immediately. This includes:
· The £4.7m Solent Futures support fund for businesses in the shipbuilding supply chain is already up and running. It is designed to help businesses restructure to support the maintenance of the two aircraft carriers, which are to be based in Portsmouth.
· A further £3m in the latest round of the Growing Places Fund will also now be encouraging bids from affected businesses that are looking to protect jobs or are seeking financial support to take forward research and development, new innovations or the application of lean manufacturing techniques in the advanced manufacturing sector.
The LEP is also finalising detail on additional funding initiatives in the region of £7m.
In addition to the funding package already secured by the Solent LEP, the Solent LEP Chairman and Chief Executive have already been in discussions with central government in relation to accessing further funding support.
Further detail on the remaining fund launches and outcome of efforts to secure further resource will be announced shortly.
Doug Morrison, Chairman of the Solent Local Enterprise Partnership, said: “The time to act is now. We
have to respond to the news quickly and positively and I believe with the development of this funding package that’s exactly what we are doing.
“Together with our partners, we are looking to give local people and businesses the tools they need to pick themselves up and create new opportunities. It’s an investment in the economy of tomorrow and I am confident that this funding will be just the start of the help we can offer.”
In addition to delivering the £14m support package, the Solent LEP is now actively working with partners across the Solent to help mitigate the job losses announced yesterday.
The Solent LEP and other local partners will join a Task Force being created by central government which will play a key role in limiting the impact of the closure on the Solent economy.
The Task Force will examine ways to support those affected by the announcement, as well as developing growth opportunities in the marine and maritime sector, which has been highlighted by the LEP as a priority area in the Strategic Economic Plan.
A further update on the work of the task force will be made shortly.
