Posts tagged regional growth fund
Communities Secretary Eric Pickles has announced to increase the Government’s infrastructure investment in enterprise zones by £100 million that will create thousands of local jobs in the trades.
The investment package will help the thirteen enterprise zones to receive more money for 18 projects to build new service roads, car parking and other infrastructure, transforming ‘shovel ready sites into job ready sites’.
The fund, originally £60 million, is designed to help zones reach their real growth potential faster as economic engine rooms of local economies. Following a competitive bidding process the successful proposals will now undergo further testing to ensure value for money for the taxpayer.
Enterprise zones have already created 3,000 new jobs, attracted 126 businesses, generated 105,000 square metres of new commercial floorspace and secured almost £229 million of extra private sector investment.
In addition to this, 5 enterprise zones are also receiving £24 million to tackle traffic bottlenecks and road congestion near their site through Department for Transport funding.
Eric Pickles said: “Enterprise zones are stimulating job creation and economic growth in different parts of the country with their special package of incentives to attractive new business ventures.
“The government is putting its money where its mouth is and making sure enterprise zones have the buildings and infrastructure they need to make sites ready for business to set up in.
“Enterprise zones are proving extremely popular with business – they have already created over 3,000 jobs for local people – a 75% increase in just 5 months – and many more will be coming down the pipeline because of this new support.”
Andy Rose, Chief Executive at the Homes and Communities Agency, which is administering the fund, said: “The response from the enterprise zones to this investment opportunity demonstrates just how crucial upfront infrastructure is to development.
“It is great news that this additional investment means more priority sites can be funded than first thought, creating more jobs in the areas that need them.”
Today’s announcement is just one of range of steps the government has taken to rebalance the economy and support local businesses to grow and create jobs.
The government has reformed the way councils are funded so they have new incentives to go for growth and support local businesses. It has established 39 local enterprise partnerships that along with enterprise zones are able to access millions in government investment to support their local economy, including the £770 million Growing Places Fund and £2.4 billion Regional Growth Fund.
The Quebec Barracks site will see 100 new homes built and employment space for up to 100 new jobs created as result of a £3 million investment for East Hampshire.
The funding will transform the former barracks into a high quality sustainable neighbourhood as part of the ambitious Whitehill & Bordon Eco-town project.
The overall plan for the regeneration of the town is set to build 4,000 environmentally sustainable homes and create 5,500 jobs.
The new homes will meet official zero carbon standards and be attractively designed to set the benchmark for new homes in the rest of the town.
“The homes will be built to a much higher standard than originally envisaged, which will raise the bar in terms of the development of the rest of the project and act as a catalyst for lasting change here. There is a lot of work that needs to be done over the next year, but it is exciting to have got to this stage and see that progress is going to happen in the months ahead.”
Cllr Glynis Watts, East Hampshire District Council’s Deputy Leader and Portfolio Holder for Whitehill and Bordon, said: “This investment is a great step forward for the town. The focus of this and future development is on enabling residents to have a really good quality of life.
“The homes that will be built will meet local aspirations because they will be attractive, cheap to run and in a great environment. We are going to pull out all the stops to make this something really special.”
John Walker, the Independent Chairman of the Whitehill & Bordon Eco-town Delivery Board, said: “The regeneration of Quebec Barracks is a small example of what we are trying to achieve across the town.
“Our aim is to deliver exceptionally good design that sets the standard for future Eco-town development. This is a tremendous opportunity to create a really attractive and sought-after place to live and work.”
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As part of the Regional Growth Fund, Deputy Prime Minister Nick Clegg has announced a £350 million cash pot that will create new jobs and boost the trades.
The Regional Growth Fund is a £2.6 billion fund operating across England from 2011 to 2016. It supports projects and programmes that lever private sector investment to create economic growth and sustainable employment.
The first three rounds will leverage over £13 billion of private sector investment and create or safeguard over 500,000 jobs.
Deputy Prime Minister Nick Clegg said: “The Regional Growth Fund is already proving a shrewd investment by providing a welcome boost to jobs and growth across the country, with thousands of jobs created, businesses expanding into new markets and manufacturing new products. With this next round of funding, I would urge England’s budding businesses to produce top quality bids to access the money that can help them grow.
“There’ll be stiff competition, and we can only invest in those projects that will lead to sustainable jobs and the best value for money.
“Boosting jobs and growth is our number one priority for Britain right now. That is why I am so pleased to be opening a fourth round of the Regional Growth Fund which supports growth across a range of industries.”
Business Secretary Vince Cable said: “The additional £350 million for the Regional Growth Fund is a big boost for those parts of the country facing structural problems.
“The fund has already supported a variety of industries – from motor vehicles to life sciences. This goes hand in hand with our industrial strategy.
“But it’s not just about big industry and household names. To date we have supported over a thousand SMEs through Regional Growth Fund programmes which is giving small business the impetus to expand, employ more staff or start exporting.
“This is the Government’s commitment to growth in action to encourage investment and lead to a more balanced economy.”
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Deputy Prime Minister Nick Cleg has announced an investment of £1 billion under the Regional Growth Fund which will kick-start 130 projects across England.
The Government has estimated that today’s latest round of spending could create 240,000 jobs, many of those in the building construction industry.
The fund will help manufacturing firms, small businesses and local partnerships to expand their operations, create new jobs and stimulate economic growth.
Deputy prime minister Nick Clegg said: “This £1 billion 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 £1 billion round of the fund is pulling in £6 billion of private sector investment.”
CBI chief policy director Katja Hall said: “The Regional Growth Fund is helping to meet businesses’ needs for growth capital up and down the country, enabling the successful companies to get projects off the ground.”
Commenting on the new initiative, business minister Michael Fallon, said that this is a significant investment which will help different sectors and provide strong economic boost for businesses across the country.
Mr Fallon said: “The selection process has been very fast – from companies applying to allocating funds in only five months.
“So we are keen to get a move on which is why this time, those selected have now only three months to agree final offers, and three months to complete due diligence. We want to ensure good value for the taxpayer and to get these projects started as soon as possible.”
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.
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