East Kent is to receive £40m from the Government's Regional Development Fund in a bid to create 5,000 jobs and improve high-speed rail links.

Money will be allocated to Shepway, Dover, Canterbury and Thanet and it is hoped cash will help to build the Manston Parkway railway station.

With the demise of Pfizer in Sandwich as one of the area's largest employers in the region, there are hopes the money will encourage business expansion and growth.

The Deputy Prime Minister Nick Clegg unveiled the list of companies that have won a share of the latest £950m tranche of regional growth fund and claimed that this funding would ensure the public gets 'more bangs for our bucks' in terms of creating jobs and balancing the UK economy.

But the £40 million coming to East Kent, just a quarter of the amount Euromillions jackpot winners, Christine and Colin Weir netted, it is already being questioned what impact it will have on the East Kent economy.

It is hoped private sector investment could be encouraged with reports that with this extra investment it could push the total package up to the £300m mark.

However, George Eaton writing in The New Statesman rolling blog wrote: "A re-launched Regional Growth Fund won't be enough to get the economy moving again."

Hawkinge Gazette and Channel Coast News 2011©