Jaguar Land Rover, Bentley and Nissan have been confirmed among a list of 50 companies from across the UK that will receive government support in the first round of the Regional Growth Fund (RGF) allocation. General Motors in Luton has also received conditional allocation of funding following the news that the next generation Vivaro van will be built at its plant in Luton, safeguarding around 1,500 jobs.
The announcement comes following the first round of bids during which each of the companies demonstrated how they would create jobs, as well as ensure a high level of private sector-led sustainable economic growth in their local communities over the coming years.
“Confirmation that these automotive companies will benefit from government’s Regional Growth Fund signifies further confidence from government in the sector’s ability to sustain economic growth through investment in careers and skills,” said Paul Everitt, SMMT Chief Executive. “Industry will work collaboratively with government to maximise the investments made, building expertise and strengthening competitiveness, whilst raising awareness of the increasing job opportunities available.”
Over 100,000 new jobs will be created and safeguarded under government plans announced today by the Deputy Prime Minister to invest £450m in businesses across England. The Government expects over 27,000 jobs to be directly created and safeguarded, with close to a further 100,000 jobs in associated supply chains and local economies.
The second round of the fund opens to bids today (Tuesday April 12). This round will aim to allocate the remainder of the fund (nearly £1bn). The £450m being invested by the government through the first round of the RGF is expected to leverage more than £2.5bn of private sector investment.
The RGF is a £1.4bn fund which is designed to encourage enterprise, growth and jobs in the private sector and support areas and communities that are dependent on the public sector.
To promote the second round of the fund and encourage quality bids that meet the objectives and criteria, there will be a series of road shows across England to speak with businesses and organisations with an interest in submitting a bid to advise them on all aspects of the fund. A schedule of the road shows will be available at www.bis.gov.uk/rgf.
