Enterprise M3 has awarded £9.9 million funding for transport schemes in Basingstoke, Hampshire and £3.6 million of funding for Runnymede, Surrey
Thousands of jobs will be created, with thousands more retained, across Hampshire and Surrey as a result of investment in three new transport schemes. Enterprise M3, the Local Enterprise Partnership (LEP) for the M3 corridor, today announced that it has approved £13.5 million in funding for major road improvement schemes in order to accelerate economic growth in the region.
The two schemes in Basingstoke and the Runnymede roundabout will progress in 2015 and will over time generate financial benefits in excess of £100 million for the Enterprise M3 area.
Basingstoke North-Eastern Corridor
The principal objectives of the scheme are to reduce peak hour delays along the corridor, thereby helping support job retention and creation in adjacent business parks and improving the reliability and efficiency of transport links.
More than 500 permanent jobs (366 direct jobs and 159 indirect jobs) will be created as work on the scheme progresses. This work will also have a knock on effect for the wider corridor, as it is anticipated that the transport improvements will contribute to the creation of over 2,000 new jobs within the Chineham and Hampshire International Business Parks.
Basingstoke North Corridor
This transport scheme, which includes two junction improvements on a 400m section of the A340, is aimed at addressing constraints on growth and supporting key business retention. It is estimated that the scheme will contribute to the creation of 100 direct jobs and almost 50 other permanent jobs.
Councillor Seán Woodward, Executive Member for Economy, Transport and Environment at Hampshire County Council, said: “The A33 and A340 corridors are important roads linking employment and housing areas within Basingstoke but both routes currently experience significant traffic congestion, particularly during peak travel times. With a number of proposed new commercial and residential developments nearby, traffic levels are set to increase so improving existing junctions and roundabouts on these corridors will help keep the traffic moving around the town and support the unlocking of this development, helping to create jobs and boost the local economy.
“One of the key challenges for economic growth is to ensure high-quality transport links for businesses to enable existing firms to expand and to attract new organisations to the area, to locations such as Basing View and Chineham Park. The improvements planned for the A33 and A340 are the result of our successful bid for just under £10m in Local Growth Fund funding to the LEP, towards the £12.2m cost of these schemes. The improvements which will be delivered in phases over the coming years starting this year will help unlock economic growth by supporting the new developments, reducing congestion and improving safety for pedestrians and cyclists.”
This transport scheme, at a key strategic location in the Enterprise M3 area with immediate connections to M25 (Junction 13), Heathrow Airport, Staines-upon-Thames, Egham and Windsor, is aimed at enhancing the layout and signalling of the Runnymede Roundabout. These enhancements will tackle congestion, improve traffic management and also crucially improve accessibility for pedestrians and cyclists to neighbouring areas & the River Thames. Over the next few years, it is estimated that up to 3,000 jobs will be created in the area, in part as a result of these improvements.
Surrey County Council’s Cabinet Member for Transport John Furey said: “Improving transport infrastructure is key to boosting economic growth, helping businesses run more efficiently, creating jobs and improving journeys for commuters.
“That is why this scheme at the Runnymede roundabout, which is close to Heathrow, tourist attractions such as Thorpe Park and links to towns including Egham, Staines and Windsor, is essential to improving the flow of traffic."
Geoff French, Chair of Enterprise M3 Local Enterprise Partnership, commented: “The Board of Enterprise M3 LEP is delighted to approve £13.5 million of funding from our Local Growth Deal to improve the transport networks in Basingstoke and Runnymede.”
“Economic prosperity in our area is facilitated by an effective and reliable transport network and we have therefore placed a focus on infrastructure development at the heart of our economic strategy for the area. These three transport schemes will dramatically increase job opportunities, accelerate housing delivery and generate multi-million pounds worth of investment in the region.”
Part of a bigger picture of road improvements in the Enterprise M3 area
The announcement of these schemes follows the £15 billion programme for strategic road improvements revealed by the Government in December last year. In the Enterprise M3 area, the Government announced new funding for the period 2015/16 to 2020/21 and beyond for the following:
M25 Junction 10-16 - upgrading the M25 between junction 10 (A3) and junction 16 (M40)
M25 Junction 10/A3 Wisley interchange – improvement of the Wisley interchange to allow free-flowing movement in all directions, together with improvements to the neighbouring Painshill interchange on the A3 to improve safety and congestion across the two sites
M3 Junction 9 improvement – upgrade to the junction to allow free movement from the A34 to the M3
A31 Ringwood – widening of the A31 at Ringwood to three lanes, providing more capacity for local traffic using the road to cross the Avon, plus adjustments to the nearby local road network to allow for improvements for pedestrians in Ringwood
A3 Guildford – improving the A3 in Guildford from the A320 to the Hogs Back junction with the A31, with associated safety improvements
Notes to Editor
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Enterprise M3 Local Enterprise Partnership
Enterprise M3 is a business-led Local Enterprise Partnership that is working to secure economic growth at sub-national level.
We bring together leaders from the business, public and not-for-profit sectors and provide the vision, knowledge and strategic leadership needed to drive sustainable private sector growth.
Our aim is to create the foundations on which our businesses can flourish. We strive to improve business productivity, increase jobs and maximise the number of businesses operating across Enterprise M3.
The Enterprise M3 area stretches from the hinterland of London to the New Forest. It covers four Growth Towns – Woking, Guildford, Farnborough and Basingstoke, the city of Winchester, and five Step-up Towns: Camberley, Staines-upon-Thames, Whitehill & Bordon, Andover and Aldershot.
In July last year Enterprise M3 was awarded an £118m Growth Deal from the Government’s Local Growth Fund. This funding includes £35m for 2015/16 that will support economic growth in the Enterprise M3 area, and see investment in key infrastructure projects across Surrey and Hampshire, capitalising on the skills and innovation in the Sci:Tech corridor.