SILVERSTONE Circuit has been given a massive boost in its long-term goal.
The venue’s outline planning application, which supports its 20-year masterplan, has been approved by both Aylesbury Vale District Council and South Northamptonshire Council.
The Masterplan is the next big step towards securing the long-term future of the international venue, which is owned by the British Racing Drivers’ Club (BRDC).
This significant outcome demonstrates both councils’ support of the BRDC and Silverstone’s vision for the future.
Development of the Masterplan for Silverstone Circuit will realise the potential of this iconic international centre of the motor sport industry.
It will further strengthen its position as not only the home of the Formula 1 British Grand Prix, but also one of Britain’s most important assets in the high performance engineering sector.
The development of Silverstone will create around 8,400 permanent jobs with firms and activities attracted to the site, plus an average of around 550 construction jobs per annum throughout the development phase.
At least 4,800 of these jobs are likely to be entirely new to the area.
Richard Phillips, managing director of Silverstone Holdings Ltd, said: “We are delighted with the outcome and approval of this planning application – this is the most important initiative that Silverstone has taken in its 60- year history as the home of British Motor Racing.
“This planning will help maintain Silverstone’s position as a leading global centre for sport, leisure, education and technology and retain its position as a world-leading motor sport destination.”
Andrea Leadsom, MP for South Northamptonshire, said: “This development will be good news both for Northamptonshire and for Britain.
“The fulfilment of the Masterplan will promote Silverstone as a world-leader in the motor sport industry and will also deliver economic growth and jobs to the local area in the high-performance engineering sector, for which we have an international reputation.
“I look forward to supporting Silverstone as their plans develop in the coming years.”