From today an extra £1 billion is available to businesses seeking support to help them create new jobs and grow as the third round of the Regional Growth Fund opens.
Deputy Prime Minister Nick Clegg will make the formal announcement at the government’s National Manufacturing Summit being held at the Bristol and Bath Science Park later today.
He is also set to confirm that 48 of the successful firms from the first two rounds of the fund have completed their legal checks and have access to the government fund which leverages private sector investment, with at least £5 put in for every £1 of public money.
Deputy Prime Minister Nick Clegg said, “The Regional Growth Fund is already having a huge impact across the UK. So far there have been over 170 successful bids to the fund, leveraging around £7.5 billion of private sector investment and set to create and protect 330,000 jobs. I want to see more businesses that are confident they can create jobs and get Britain building and making things again, coming forward – making sure their hats are in the ring.”
Paul Everitt, SMMT Chief Executive, added, “It is great to see government helping to incentivise private sector investment with a further £1 billion of support through the Regional Growth Fund. A number of automotive businesses have already benefitted from the previous two rounds of funding, creating and safeguarding thousands of skilled jobs.
“Vehicle manufacturers are keen to increase the level of UK sourcing and this new round of funding will help companies make the investments in skills, R&D and capital equipment required to sustain global competitiveness.”
Business Secretary Vince Cable, said, “Many of the successful projects from rounds one and two were manufacturers and the sector remains one of our national success stories. Manufacturing lies right at the heart of the government’s strategy for economic recovery and growth.”
The government’s Make it in Great Britain campaign is also expected to receive a boost at the Summit with the announcement of 23 new ‘Industry Champions’, bringing the total to 30. The Champions – who are leaders in their field across a variety of sectors within manufacturing – have signed up to lend their support to the campaign, which culminates in a six week exhibition at the Science Museum this summer during the Olympic and Paralympic Games.
Today’s Manufacturing Summit will bring together government and key industry leaders to discuss and debate progress, the upcoming challenges and next steps for the sector as the government continues to put manufacturing at the heart of its Growth Programme.
Visit the BIS website to find out more about the latest round of the Regional Growth Fund, including how and when to apply.
Last year saw a number of high-profile announcements regarding investment, production expansion, new vehicle models and the safeguarding of employment within the UK’s automotive sector. These will amount to the creation of around 9,900 new jobs, the safeguarding of over 12,000 jobs, investments worth over £4 billion either directly in UK automotive or in automotive supply chain activities, nine new vehicle models and long term announcements to manufacture four next generation vehicle models in the UK. Click through to view the full list of UK automotive investment announcements from 2011.
