THE starting pistol has been fired on more than £240 million worth of investment after a government minister put pen to paper.

A deal predicted to bring 21,000 new jobs, 9,000 new homes and £390 million in public and private investment was signed by business minister Matthew Hancock yesterday.

He was at world-leading engineering company Ricardo in Shoreham, which is receiving £7 million with the University of Brighton for an automotive and environmental engineering training and research centre of excellence.

The Coast to Capital Local Enterprise Partnership (LEP) growth deal was announced last year but yesterday’s signing paved the way for money to be released on April 1.

It was attended by the leadership from Brighton and Hove City Council, Mid Sussex District Council, Worthing Borough Council, the University of Brighton, Northbrook College, Ricardo and the LEP.

Councillor Geoffrey Bowden, chairman of Brighton and Hove City Council’s economic, culture and development committee, said: “A lot of work has been waiting on the sign-off of finance, and now the minister has told us the money will be released on April 1.

“For projects like Preston Barracks that’s absolutely crucial. The announcement that money will be released really does fire the starting pistol.”

Also included in the deal are improvements to the A2300 Burgess Hill link road, redevelopment of Gatwick Airport railway station, flood defences at Shoreham and Newhaven, redevelopment of Circus Street and Edward Street in Brighton and ultrafast broadband for the digital economy.

Mr Hancock said the deal brings “security for local families” and helps the area move “towards a brighter future”.

He added: “We can now get on with it and push on without limitations. We’ve already seen record growth in the number of businesses and we want to see that growth continue. I don’t doubt that the partnership can deliver £240 million in investment – and crucially it brings in money in private funding as well.

“We’ve seen the direction of travel from this government already so in future we must continue to ensure decisions fit in with local circumstances.”

Following the visit Mr Hancock went to Custom Pharmaceuticals, in Hove, to discuss the business growth accelerator grant. He then attended the Business is GREAT App Hackathon, where tech savvy students and small businesses used their creative skills to develop new features for an app, at Lighthouse, in Brighton.