Greg Clark, the minister for Cities says the new city deal for Portsmouth and Southampton "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."
Mr Clark said he had been in negotiations in recent months with the Solent Local Enterprise Partnership, Southampton City Council, Portsmouth City Council, Hampshire County Council and other local authorities, before the deal came to fruition.
More top news
James Wright has the latest weather forecast for the west of the region.
James Wright has the latest forecast for the east of the region.
A motorist has been rescued after a car plunged over Poole quayside.