THE Minister of State for Cabinet Office and newly appointed Minister of State for Universities and Science,Greg Clark MP, has signed off a £118 million Enterprise M3 Growth Deal.
The funding agreement is the first of its kind to be rubber-stamped in the UK, following last week’s announcements that Local Growth Funding is to be awarded to the 39 Local Enterprise Partnerships.
Enterprise M3 is a public/private partnership set up to support and sustain economic growth at a local level. The deal was sealed at the Farnborough International Airshow by Mr Clark and Enterprise M3 Chairman Geoff French.
Among a cluster of other projects, the deal will address a serious pinch-point at Woking’s Victoria Arch. The scheme will incorporate new pedestrian and cycle tunnels through the embankment either side of Victoria Arch on the A320 and allow for the carriageway to be widened from two to three lanes.
It will also enable enhancements to the junctions with Goldsworth Road and Guildford Road, all aimed at improving traffic flow to and from the arch.
Leader of Woking Borough Council, John Kingsbury, said: “We are delighted that Enterprise M3 have secured this funding from Central Government. Victoria Arch is seen by many drivers as a serious pinch-point, causing long delays at peak times to their journey through Woking.
“This scheme will not only go a long way in alleviating this problem, but will also support the continued economic growth and regeneration of Woking town centre’s commercial and residential areas, while stimulating job creation.
“We are still at the early stages of the scheme and we now look forward to working closely with our partner, Surrey County Council, and key stakeholders, South West Trains and Network Rail, in making this important infrastructure project a reality.”