UK automotive sector benefits from regional growth fund

31 October 2011 #SMMT News

Bentley, Calsonic Kansei, Lotus, Universal Engineering and Zytec are just some of the vehicle manufacturers and automotive  supply chain companies that have been confirmed in a list of over 100 companies from across the UK that will receive government support in the second round of the Regional Growth Fund (RGF) allocation.

The £950m second wave of funding, follows the initial round of announcements made in April this year. Organisations are awarded funding based on the potential for job creation and local community-based sustainable economic growth.

“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.”

Of the 201,000 jobs created or protected, around 37,000 will be directly created jobs, and more than 164,000 will be in the supply chain. Government investment will support nearly £6 billion of private investment secured by the successful projects.

Deputy Prime Minister Nick Clegg said, “I am delighted to be able to announce this boost to business, which will jump start growth and create jobs that last in the places that really need it.

“This targeted support for businesses across the country allows them to expand and create jobs. It unlocks private sector investment – with at least £5 put in for every £1 of public money.”

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. Follow this link for more information about the Regional Growth Fund

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