Posts tagged growth
Business Secretary Vince Cable has launched a new £3 million funding scheme for East Anglia that will kick-start growth for small firms in the trades.
The New Anglia Local Enterprise Partnership is specifically aimed at helping firms that want to grow but have been held back by a lack of finance.
The £3 million fund will provide cash grants to businesses looking to expand their operations
and create new jobs. Funding for the scheme has come from the government’s Regional Growth Fund.
The fund will provide grants of up to 20%, between £25,000 and £100,000, to business that have a shortfall in their investment plan and are able to create at least one job for every £10,000 provided by the fund.
The Business Secretary launched the fund at Redpack in Norwich, a company which hopes to benefit from the new fund and expand its existing operations in the city.
Business Secretary Vince Cable said: “A lack of finance is one of the biggest barriers facing firms that want to grow. The government is already taking big steps to help companies bridge that gap and now, thanks to this new fund, businesses across East Anglia will get that helping hand they need.
“Through programmes like the New Anglia ‘Growing Business Fund’, the government’s Regional Growth Fund has supported around 1,200 small and medium sized companies across the country, helping them create jobs, increase skills and grow their business.”
What is your reaction to the new funding scheme for East Anglia that will kick-start growth for small businesses and boost the trades? Share your thoughts by commenting here or raise your voice on our Facebook and Twitter pages.
The survey of 398 firms found that output growth over the last three months remained steady but subdued.
But the outlook is much brighter for the next quarter, with output volumes expected to rise rapidly – the strongest expectations since April last year – with the anticipated pick-up in variety of markets and mechanical engineering sectors.
Exports orders are also at their highest level for three months, while total orders are broadly flat. Meanwhile expected price inflation has fallen back to levels last seen midway through last year.
Anna Leach, CBI Head of Economic Analysis, said: “Manufacturers appear more optimistic about the next few months than the official figures and commentary would suggest, with sharp rises in output expected right across the sector.
“Total orders were steady and in line with long-run averages and there was some pickup in exports, possibly helped by the weak pound.
“Price expectations have fallen to the lowest level for six months – driven by inflation expectations plummeting from near-record highs in the food, drink and tobacco sector.”
John Cridland, the CBI director-general, has urged the government to invest £1.5 billion into major infrastructure projects that will boost the economy and create new jobs.
The CBI says that the government should back the construction sector, by introducing measures including investment tax breaks, and business rate reductions.
Such measures will encourage further financial investments and pave the way for more employment opportunities in the trades.
But the CBI chief also called for a focus on projects such as the Thames Tideway “super sewer” tunnel in London and the Hinkley Point nuclear power station in Somerset to give the economy an ‘Olympic-style shot’ in the arm.
“We need an industrial Olympics, with big schemes which can make a real difference,” Mr Cridland told the Evening Standard.
And in the Guardian he is quoted as saying: “Kennedy said at the start of the 60s that America would put a man on the moon by the end of the decade and it did, even though sadly Kennedy was not around to see it. We need the sense that we are just going to do these projects.”
Mr Cridland highlighted the need for improvements in the UK’s rail and road networks that are vital for strong economy and future growth.
“Green Investment should play a key role in the UK’s economic recovery” states a new report by the Environment Audit Committee published today.
The new report, “A Green Economy” reinforces calls by the Renewable Energy Association (REA) for the Government to put renewable energy at the heart of its economic recovery and employment strategy.
The Report on employment and skills in the UK renewable energy published last month showed that there were over 100,000 people employed in renewable sector across Britain, generating a turnover of £12.5 billion last year alone.
However, the REA is warning that there is a danger for Britain not to fulfil its full potential because of serious skills shortages and uncertainties in the policy framework.
The organisation which represents renewable energy producers in the UK, says that 400,000 people will be needed in the sector by 2020 to meet binding EU targets, suggesting that the renewable industry will need a skilful workforce to deal with continually increasing demand.
Chief Executive of the REA, Gaynor Hartnell, said that the government needs to understand the potential benefits of renewable energy investment.
Ms Hartnell said: “Several countries, from America to Japan to Germany, have realised that taking the long-term view and investing in renewables is a significant step on the route out of economic malaise. The UK renewables industry wants to work with the Coalition Government to realise the huge contribution our sector can make to jobs, growth and prosperity.”
Do you agree that renewable energy investment is a key factor that will pave the way for more jobs and an economic recovery? Share your thoughts by leaving a comment below or adding your voice on our Facebook Page:
London’s fastest growing airport of 2011 has unveiled expansion plans to meet the growing number of passengers over the next 10 years. The redevelopment scheme will aim to cope with growth in passenger numbers as well as create new jobs in the building construction sector.
London Luton Airport Operations Limited, the operator of London Luton Airport, has proposed three main phases for the airport’s continual redevelopment work which will take place over the next 15 years. The construction of new facilities, major improvements to current terminal buildings and creating new aircraft stands, are some of the proposals in the airports’ ‘Master Plan’ to make Luton ‘London’s Local Airport’.
Managing Director of London Luton, Glyn Jones, believes the expansion of the airport is a key economic driver for the region and a great opportunity to make ‘low cost’ air travel more convenient for millions of people every year by flying through London Luton.
Mr Jones said: “Today we have outlined a credible and realistic plan that, if approved, will put Luton at the heart of solving the burden on point-to-point short haul operators who want to grow.”
He also said that the Mayor of London, Boris Johnson, has proposed a new hub in the Thames Estuary to deal with the increased number of passengers on medium and long haul aviation capacity in London.
Lead Officer at London Luton Airport Limited, Steve Heappey, said that they welcome any comments, questions and feedback on the proposals to grow London Luton Airport and the benefits that this will bring to Luton and the region.
What is your reaction to the proposals to expand London Luton Airport? Share with us the potential benefits from the airport’s redevelopment for you and your business by leaving a comment below:
The water giant has projected a cost of £7 million per mile to install the 6 ft in diameter pipe which will boost water supply to London and the South of England. United Utilities has made a rough estimate the project will cost £1.1 billion to build the pipeline from London to Birmingham and another £1.5 billion to complete the entire project from Birmingham to Leeds.
Sustainability Director of Thames Water, Richard Aylard, welcomed United Utilities’ plans to build a water pipe alongside the HS2. He said: “It’s well worth looking at and makes sense to do so as part of the HS2 project.” However, Mr Aylard questioned who would bear the cost of the project saying that the scheme is likely to affect water consumers paying higher bills.
The government recently backed the £32 billion investment for the high-speed railway which will create new jobs in the building construction sector, boost the economy and cut the journey time between London and Birmingham to 49 minutes.
United Utilities’ Chief Financial Officer, Russ Houlden, said that England is facing drought challenges and the HS2 is an opportunity to run a water pipeline between the North and South of England which will tackle concerns regarding water shortages in the future.
Mr Houlden said: “The current drought emphasises what we have known for some time – that there is more water available in the North than the South and that this issue will become more acute as climate change impacts hits us over the next 50 years. A North-South pipeline could be built to address that. Typically, the objections to such an idea have been build cost, operational cost, planning difficulties and environmental impact.
“HS2 offers a once-in-a-lifetime opportunity to minimise planning difficulties and environmental impact.” Mr Houlden added.
United Utilities is expected to present its proposals to the House of Commons Select Committee on the 7th March this year. Further details about the construction work and who might be running the scheme will be announced at a later date.
What is your opinion to the proposal of United Utilities to build a £2.6 billion pipeline along the HS2 high-speed rail line? Share your thoughts by leaving a comment below:
With the increased funding, the total amount available to firms that are looking to create new jobs will reach £2.4 billion. The scheme is expected to make a significant contribution to the manufacturing and construction industry.
Deputy Prime Minister Nick Clegg said the RGF is already having a huge impact on jobs’ creation because businesses across the UK now have the investment which will contribute to their local economy. The Liberal Democrat shared his enthusiasm about using the money for carbon cutting initiatives that will have positive effects on the environment and the renewable sector.
Mr Clegg said: “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”
“Funding from rounds one and two has gone to some extraordinarily promising manufacturing projects. From Pirelli Tyres in Carlisle who’ll 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.
“These projects will lead their communities into brighter times, helping put industry at the heart of the UK’s economy. Businesses have until June to apply for a share of this extra £1 billion.”- Deputy Prime Minister Clegg added.
How would your business benefit from the £1 billion investment of the Regional Growth Fund? Share your thoughts by leaving a comment below:
Although the building construction sector remains one of the most stable industries in the UK, the CBI thinks greater investment is needed for infrastructure projects to encourage continual growth and business confidence.
The CBI has proposed a number of measures for the government as an opportunity to provide real boost for private sector investments in infrastructure schemes and give more support to small and medium businesses.
General Director at CBI, John Cridland, explained that the government should use Chancellor’s budget statement next month to deliver significant financial stimulus to make mortgages more affordable to the housing market.
Mr Cridland thinks future growth through reforms of the UK’s tax system is essential for businesses to invest in Britain. He is calling on the government to make some changes into the current system which will create new opportunities for growth.
Mr Cridland highlighted the significance of infrastructure investment as one of the most important priorities which the government needs to support in order to encourage industry’s growth and create permanent jobs.
He said: “Delivering private sector investment in infrastructure, supporting mid-sized businesses, hammering out the details on credit easing, extending the Youth Contract to 16 and 17-year-olds, and introducing the New Build Indemnity Scheme for mortgages at the earliest opportunity will all provide a real boost for UK growth and jobs.”
Do you agree with the CBI that the infrastructure industry is a key factor for economic growth and creating new jobs? Share your thoughts by leaving a comment below:
As reported earlier this week, Heathrow Airport has announced to build a new terminal for the London Olympic Games to ease the increased traffic of people at one of the busiest airports in the world.
Building work at London Heathrow will create new jobs, transport networks and regenerate 6th runway in Heathrow Airport, which expects nearly 50% more passengers arriving on July 26, the day before the opening ceremony.
As part of preparations for the new terminal at Heathrow, building construction work will take place to build specialist lifts for Paralympians and improve facilities from which participating athletes will depart.
Nick Cole, Heathrow’s head of Olympic and Paralympic planning, asserted: “The London 2012 Games will be a unique operational task and a massive challenge for Heathrow.
“The airport is one of the most popular international airports in the world and already operates close to capacity.”- Mr Cole added.
Work is also currently underway on Heathrow’s new £2.2 billion terminal two, which will replace its existing terminals one and two once completed in 2014, with around 5,000 people to be employed on the site of this project.
What is your opinion about the plan of building a new Olympic Terminal at Heathrow Airport? If you are working in the building construction sector, do you think that could be a good opportunity for you/your business? Share your thoughts by leaving a comment below: