拢1 billion growth fund open for business
Government's announces an extra 拢1 billion for businesses seeking support at the National Manufacturing Summit.
The funding is part of the and takes the total to 拢2.4 billion.
It will be available to businesses and public / private partnerships with ambitions to create new jobs and make a significant impact on their local economy.
Deputy Prime Minister Nick Clegg will make the announcement at the Government鈥檚 National Manufacturing Summit being held at the Bristol & Bath Science Park today.
He will also 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. Speaking ahead of the summit, he said;
鈥淭he Fund is already having a huge impact across the UK. So far there have been over 170 successful bids to the fund, leveraging around 拢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.
鈥淔unding from rounds one and two has gone to some extraordinarily promising manufacturing projects. From Pirelli Tyres in Carlisle who鈥檒l use the money to develop a new range of carbon-cutting tyres; to a Portsmouth based company which hopes to use theirs to create a cutting edge boat building college.
鈥淭hese are the kinds of projects that will lead their communities into brighter times, helping put industry at the heart of the UK鈥檚 economy. Businesses have until June to apply for a share of this extra 拢1 billion.鈥�
Manufacturing industry urged to bid for extra growth funding
The Manufacturing Summit brings 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. There will also be further announcements for , and 23 new 鈥業ndustry Champions鈥� for
Ahead of the summit, the Deputy Prime Minister will be joined by Business Secretary Vince Cable at GKN Aerospace, Bristol to open the company鈥檚 new 拢150 million advanced composites manufacturing centre. This is site where the 27 metre long Airbus A350 wing is being made. When operating at full production, the facility will provide employment for 250 people.
Business Minister Mark Prisk, attending the conference later today, said:
鈥淲orth approximately 拢130bn a year and employing 2.5m people, the manufacturing industry鈥檚 contribution to our economy cannot be under estimated.
鈥淭he Government remains committed to manufacturing, which is why we have placed it at the heart of our Growth Programme. Equally so, showcasing manufacturing as a worthwhile career choice for young people in modern Britain is another goal of Government, which Make it in Great Britain and See Inside Manufacturing are helping to lead for the long term prosperity of the industry.鈥�