The UK Government has today announced the outcome of the Solent LEP bid to bring assisted area status to Portsmouth Harbour and the Isle of Wight.
The Solent LEP has strongly contended that the area around Portsmouth Harbour, covering the waterfront on both the Portsmouth and Gosport side, and areas on the Isle of Wight would benefit from assisted area status as both have a strong, modern manufacturing base and there is a real potential to catalyse the areas. On this basis, the LEP submitted a bid to secure the status and the Government have responded positively to this. The new assisted area map has now been submitted to the European Union (EU) for approval.
The map includes both the Isle of Wight and Portsmouth Harbour area; which has been included as one of only two areas in the UK for consideration under the EU special dispensation criteria.
Portsmouth is a critical economic hub for the entire Solent region and the Dockyard has always been at the heart of the city. Following the announcement that shipbuilding operations would cease at Portsmouth Dockyard in 2014, it has been clear that significant support would be required to assist with rebalancing the economy and the Solent LEP welcomes the Government recognition of this in finalising the new map.
The LEP also welcomes the inclusion of 28 wards on the Isle of Wight on the map as the Island economy faces unique geographic challenges which increase the cost of doing business and result in seasonal employment for residents.
It is essential that appropriate levels of support are in place to deal with both the geographic challenges on the Island and economic shock linked to the shipbuilding announcement at Portsmouth dockyard. Both areas have a talented workforce ready to take advantage of the opportunities this designation will create.
Under the previous designation period, the Solent had no areas classified for the status and, if agreed with the EU, 2014 to 2020 will be the first period the Solent has ever had two areas included.
Gary Jeffries, Solent LEP Chairman, said: “The Solent LEP has set out a plan for growth under our Strategic Economic Plan, Transforming Solent, which will see us build on our strengths and plan towards a more ambitious future. It has long been recognised, that the local area has significant strengths in advanced manufacturing with particular specialisms’ in marine and maritime, aerospace, and defence electronics.
The news that the UK has supported our bid to secure assisted area designations for Portsmouth Harbour and parts of the Isle of Wight is very welcome as it has the potential to encourage business growth in these key locations.
Today’s announcement is a real boost for us and we will now be working with colleagues in Government to ensure that the status can be secured in the final negotiation with the European Union”
The UK Government has now submitted the map to the European Union for consideration and a response is expected in late May 2014.
