Council dumps plan to build new town

A CONTROVERSIAL plan to build a new town on green fields on the edge of Eastleigh is dead and buried.

The Daily Echo had revealed that attempts were being made to sink proposals to build up to 4,000 homes in a new 625-acre major development area (MDA) south of Bishopstoke and Fair Oak.

Allington was the working title of the scheme that would have seen 3,000 high-density new homes planned with enough land to accommodate a further 1,000.

Now Eastleigh council is hoping to prevent the bricks-and-mortar explosion, which would have taken place over the next decade, by ditching it from its local plan.

Eastleigh council leader Keith House said: "As far as Eastleigh council is concerned the MDA at Allington is dead. It will not be built under this administration.

"We are not going to develop their open countryside for more and more sprawling housing estates.''

Eastleigh had reluctantly inclu-ded the multi-billion-pound All-ington development in an updated planning blueprint for the area.

But in a dramatic U-turn Eastleigh councillors voted to scrap Allington from the new local plan, although Hampshire County Council has insisted that the new houses should be built.

The new local area plan, due to be published for consultation earlier in the new year, will be proposing that no greenfield sites should be earmarked for development in the Horton Heath area.

Eastleigh councillors will now focus land-hungry developers' attentions away from greenfield and towards brownfield sites.

But a development blueprint will be prepared for housing, education facilities and open space at Dowds Farm, Hedge End.

Long-serving Fair Oak councillor and former mayor Councillor Philip Spearey welcomed the move to ditch Allington, and described it as a reprieve.

He said: "This will save more of their countryside from being swallowed up.''

Opposition in Fair Oak and Horton Heath has been growing to the bricks-and-mortar invasion of the area.

Cllr Spearey said: "It is something that they want to resist for as long as they can. This development would have put tremendous pressure on the traffic system, schools, doctors' surgeries and social services.''

Cathie Wood dumps Tesla, loads up on more Archer Aviation

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On Tuesday ARK shed $2.15 million worth of Tesla shares, or 8,972 shares, through its ARK Innovation ETF  (ARKK) - Get Free Report while purchasing $4.1 million shares of Archer.

The firm loaded up on more Archer on Wednesday, snapping up another 2.7 million shares, valued at about $16 million based on the stock's closing price of $5.94 per share. 

More Business of AI:

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According to a report from Allied Market Research, as noted by Flying, the electric aircraft industry is expected to reach $23.5 billion by 2031, with a compound annual growth rate of 10.9 percent from 2022 to 2031.

This growth is expected due to a number of factors, including greater demand for short-range routes, advances in batteries and electric propulsion systems, environmental concerns and attempts to drive down the operational cost of aviation.

But there are headwinds the industry has to face, including making the large, heavy batteries required for power, which need to be recharged frequently. Limited infrastructure supporting electric-powered aircraft also limits the market’s growth, the report noted.

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Cathie Wood dumps Tesla, loads up on more Archer Aviation

Cathie Wood really believes in a robotaxi future and she is investing heavily in the nascent technology, even at the expense of one of her favorite companies. 

This week, Wood's Ark Invest continued its strategy of trimming holdings in Tesla  (TSLA) - Get Free Report, and investing that cash in Archer Aviation  (ACHR) - Get Free Report.  

DON'T MISS: Cathie Wood trims Ark's largest holding by $18 million

On Tuesday ARK shed $2.15 million worth of Tesla shares, or 8,972 shares, through its ARK Innovation ETF  (ARKK) - Get Free Report while purchasing $4.1 million shares of Archer.

The firm loaded up on more Archer on Wednesday, snapping up another 2.7 million shares, valued at about $16 million based on the stock's closing price of $5.94 per share. 

More Business of AI:

“We think that the robotaxi opportunity globally will deliver $8 to $10 trillion in revenue by 2030 and is one of the most important investment opportunities of their lifetimes,” Wood told CNBC in an April 20 interview. “One of the reasons for that is it is going to save lives. Autonomous driving is going to take away the human error, they believe.”

According to a report from Allied Market Research, as noted by Flying, the electric aircraft industry is expected to reach $23.5 billion by 2031, with a compound annual growth rate of 10.9 percent from 2022 to 2031.

This growth is expected due to a number of factors, including greater demand for short-range routes, advances in batteries and electric propulsion systems, environmental concerns and attempts to drive down the operational cost of aviation.

But there are headwinds the industry has to face, including making the large, heavy batteries required for power, which need to be recharged frequently. Limited infrastructure supporting electric-powered aircraft also limits the market’s growth, the report noted.

Get investment guidance from trusted portfolio managers without the management fees. Sign up for Action Alerts PLUS now.