Solent Devolution Deal Set to Boost Isle of Wight Economy
After years of talks, the Solent region is on the brink of a major devolution deal, promising more power and cash for Hampshire, South Hampshire, and the Isle of Wight.
Long Road to Devolution
The council has been deep in discussions about transferring powers from central government since July 2015. Initially focused on Hampshire and the Isle of Wight, these talks expanded to include South Hampshire and the wider Solent area.
A top priority for the council is protecting the 1’s financial security in any deal. Negotiations with the government continued right up to Monday, 14 March, with expectations pinned on announcements in the upcoming budget.
Budget Announcement Delayed But Funds Locked In
The government has now postponed the official announcement but insiders say funding backing the devolution deal will still feature in the budget.
The deal aims to inject extra money into the Solent economy. It will help:
- Create more jobs
- Boost housing availability
- Improve transport
Plus, it hands local authorities control over key areas like adult education, transport planning, and business support—currently run by Westminster.
Business Rates to Stay Local
One major win is that all business rates collected in the area will stay local. This move could ease the severe financial strain on the Isle of Wight council.
Council Leader Welcomes Step Forward, Warns on Delays
“I am happy the deal lays the groundwork to secure the long-term financial future of the Isle of Wight,” said Councillor Jonathan Bacon.
“While I’d preferred guaranteed funding now, the deal includes a solid framework for securing it. Importantly, Full Council will have the chance to review the deal properly and consider public opinion before signing up.”
“However, I worry if the announcement drags on, we could lose critical opportunities. The government must move quickly.”
“The deal goes before Full Council on Wednesday 16 March. Assuming no major changes from our Monday talks, I believe we should stay engaged to bring a clear financial sustainability plan to the council soon.”
The Solent devolution deal could be a gamechanger for local power and prosperity—if the government keeps things moving.
