UK automotive receives major investment boost from £1bn Regional Growth Fund

19 October 2012 #SMMT News
  • More than 15 automotive manufacturers and supply companies selected to receive funding.
  • Funding ensures facility expansion, plus creation and safeguarding of thousands of jobs.

Aston Martin, Cab Automotive, Ford Motor Company, Jaguar Cars and TRW Systems Ltd are just some of the vehicle manufacturers and supply chain companies set to receive significant investment from the third round of government’s Regional Growth Fund.

Announced today, the £1bn third round of funding has been awarded to 130 companies and projects across the UK. From more than 400 applicants, successful bidders demonstrated the potential for to create long-term jobs and sustainable economic growth in their respective regions.

“News that these automotive companies will benefit from government’s Regional Growth Fund demonstrates that government recognises the importance of our sector and its ability to sustain economic growth and create high-value jobs for the long-term,” said Paul Everitt, SMMT Chief Executive. “It is vital that industry continues to work collaboratively with government to maximise new opportunities, increase competitiveness and raise awareness of the wealth of job opportunities available.”

Deputy Prime Minister Nick Clegg said, “This £1bn boost for growth in towns and cities across England is creating jobs that will last in the parts of the country that need it most.

“In tough economic times the Regional Growth Fund is good value for taxpayers’ money – this £1bn round of the fund is pulling in £6bn of private sector investment. The Regional Growth Fund is working, on track and supporting businesses to create jobs and grow the economy.”

Bidders will contribute £6bn of private funds for projects and programmes creating and safeguarding more than 240,000 jobs. This comes in addition to the 300,000 jobs created or safeguarded in rounds one and two of the RGF.

Further details about the winning projects will be announcement today by the Deputy Prime Minister, Nick Clegg at a visit to two companies in the North East that have previously benefitted from the Regional Growth Fund.

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