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Gerald Vernon-Jackson, Leader of Portsmouth City Council, says the deal between BAE systems and the MOD is good news for Portsmouth. It's expected to be signed next week saving around 100 engineering jobs at the city's dockyards.
It's been reported this morning that BAE systems is on the verge of signing a £70 million deal which would safeguard 100 jobs at the dockyards in Portsmouth. Defence Secretary Philip Hammond is said to have confirmed that the contract could be signed next week.
Mr Hammond told a local newspaper that the engineering jobs would be sustained for two and a half years while work is carried out on the Navy's newest destroyers. More contracts could follow.
In November last year BAE systems announced that it would be closing its ship-building division in Portsmouth with the loss of around 900 jobs. However the company's maintenance division will remain in operation and this latest announcement will be welcome news.