Back in 2008 when the financial crisis and subsequent recession hit, Swindon was on the cusp of regeneration. The crisis wiped over 7% off our economy. That is thousands of millions, billions, of pounds gone, erased by the failure to recognise that economic growth based on debt was unsustainable. The 2008 crisis cost the UK dearly, it cost every citizen dearly (to the tune of £1700) and it cost Swindon dearly, erasing any hope of the regeneration we so badly wanted.
I am sad to say that some just gave up on Swindon and its hopes of regeneration. There were those that publically talked our Town down before climbing in their cars to drive elsewhere to shop rather than uniting behind our Town to persuade investors that we were a good bet for new shops and restaurants.
Those of us that stayed behind have spent the last three years as the economy has picked up making that case to developers. Swindon is an attractive prospect. We have three hundred thousand people within just 20 minutes of our Town Centre, and three million within an hour. It is no coincidence that the Outlet Centre chose to come here 16 years ago, no coincidence that we have attracted £65 million of investment in the Oasis and no coincidence that our hard work is paying off.
This week I was proud to cut the turf on the latest expansion of the Outlet centre. The restoration of the historic Long Shop will cost £35 million, bring 30 new stores and restaurants, and crucially, create 350 new jobs in our Town. The first phase will be ready in the Autumn, with the rest opening in early 2015.
Also coming next year is the opening of the new Regent Circus development. The old college building, with its greying concrete, broken windows and vandalized walls came to symbolise the sad truth of the dreams we had for regeneration. It still does, except it is no longer an aspiration but a reality. The bulldozers came in, tore the building down and made way for the cranes, the investment and the jobs that are busily constructing the new Cineworld and restaurant complex.
This week the latest restaurant to move in was announced, World Kitchen, joining Nandos, Ask, Prezzo and Coal Bar and Grill to throw open their doors in the summer and offer Swindon the big name restaurants that our Town has been missing. Alongside our excellent local independent restaurants, Swindon will have an impressive offering and the beating heart of our old railway town will continue into the night.
The economy is recovering and with it the ideas and aspirations that were extinguished by the financial crisis are finally coming to life.
