Following the successful completion of the first wave of city deals in July 2012 with the “core cities”, the Government committed to work with a further 20 cities and their wider areas to negotiate a second wave of city deals in October 2012.

Over recent months I have been in negotiation with the Solent local enterprise partnership; Southampton city council; Portsmouth city council; Hampshire county council and local authorities that are members of the Partnership for Urban South Hampshire (Eastleigh, East Hampshire, Fareham, Gosport, Havant, Isle of Wight, New Forest, Test Valley and Winchester).

The Southampton and Portsmouth city deal will maximise the economic strengths of these two coastal cities and the wider Solent area, by supporting further growth in the area’s maritime, marine and advanced manufacturing sectors.

Over its lifetime, by bringing together the efforts and resources of local businesses, local councils and the Government, the Solent local enterprise partnership estimates that the deal will deliver:

Over 4,700 permanent new jobs particularly focused in marine, maritime and advanced manufacturing sectors;

Over 13,000 construction jobs;

Unlock 107,000 square metres of new employment floor space with a focus on supporting growth in the marine, maritime and advanced manufacturing sectors;

Support small and medium enterprises to grow through better business support over the next three years;

Provide £115 million of local and national public sector investment; and

Lever in over £838 million of private sector investment into the area through site development, skills and unemployment schemes; and business support services.