Posts tagged Vince Cable
Small and medium sized businesses (SMEs) struggling to access finance received a boost today as the Business Secretary Vince Cable launched the first phase of the new business bank set to address long-standing gaps in the SME finance market.
The multi-million investment is the first deployment from the £1 billion of new capital allocated to the business bank in the 2012 Autumn Statement. It will build on the success of the Business Finance Partnership to leverage at least the same amount in private sector investment.
The focus is on promoting greater diversity of debt finance available to SMEs by encouraging the growth of smaller lenders and new entrants in the market. Investments will be made via new and existing lending channels on a commercial basis.
New research by the National Institute of Economic and Social Research (NIESR) highlights that SMEs have been disproportionately affected in their ability to access finance as a result of the contraction in bank lending since 2008.
Business Secretary Vince Cable said: “Small and medium sized businesses are still telling me that access to finance is their number one problem, preventing them from investing and growing. That’s why through the business bank we are developing a range of measures to provide businesses with the power to choose the type of finance that suits them.
“Today’s £300 million boost shows we are serious about increasing competition and diversity in the business lending market. Establishing a lasting business bank institution is a long-term project, but getting this money reaching SMEs as soon as possible is the first step.”
CH2M Hill has announced to create 500 new trade jobs in a wide range of high-skilled engineering roles and boost the construction industry.
The new jobs will be created across CH2M Hill’s infrastructure divisions including nuclear; transportation, tunneling and earth engineering; water; environmental services and Industrial & Advanced Technology.
Alongside these new jobs, CH2M Hill will also be creating 40 graduate level positions, as well as offering 30 paid internships, bringing its total investment for the UK for 2013 to £65 million.
Business Secretary Vince Cable said: “The creation of 500 new jobs is a considerable investment into the UK market and is a great vote of confidence for the highly skilled engineers here in Britain.
“Building on our strengths in areas like manufacturing, including engineering, will be crucial to our economic success in the years ahead. Today’s announcement supports our aim of ensuring that the UK can compete with other economies at the highest level by raising the numbers of skilled engineers.”
The company is working on some of the most innovative and challenging infrastructure programmes in the UK including, High Speed 2, Crossrail, Thames Tideway Improvements and the decommissioning of Dounreay, the former fast reactor research centre.
Commenting on its UK investment plans, Lee McIntire, Chairman of CH2M Hill said: “Following the acquisition of Halcrow and its integration in to CH2M Hill over the last year, I am delighted to be able to announce this significant investment into the UK’s labour market with the creation of 500 new jobs this year across a range of high skilled engineering and technical roles.
“I am especially proud that we will be playing such a major role developing future British engineering talent with our graduate, apprenticeship and internship programmes.
The UK remains an attractive place to do business and today’s announcement reflects our commitment to the UK. With the British Government’s clear commitment to deliver new infrastructure and renew aging infrastructure, I am hopeful we will be able to build on this investment today in the years ahead.”
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.”
What is your reaction to the new funding announced by the Deputy Prime Minister Nick Clegg that will create new jobs and boost the trades? Share your thoughts by commenting here or raising your voice on our Facebook and Twitter pages.
The Business Secretary, Vince Cable, has confirmed plans to create government backed ‘business bank’ which will help companies to invest and create new trade jobs.
Vince Cable’s new institution includes a series of collaborative strategies between businesses and government that are forecast to advance manufacturing and boost the trade industry.
Cable outlined his plans, committing to a long term, strategic partnership that will give businesses clarity about where the Government will be concentrating its efforts.
Speaking at Imperial College, London, Business Secretary Vince Cable said: “Our first part of that plan is lifting the barrier that poor access to finance puts on growth. By helping firms to invest capital, businesses expand, and create jobs.
“But I am also setting out a clear and ambitious vision, a commitment far beyond the usual political timescale that will continue to bear fruit decades later.
“It will give our businesses certainty, allow them to make their own plans, and know that the full weight of Government is behind them. We will work in a strategic partnership with industry, focusing our support on specific sectors. This is our commitment to growth in action.”
The speech sets out a number of other actions including:
- Creating a new institution to help companies invest in capital and drive their expansion. The scale and modus operandi of the institution are still under discussion, but it could operate through alternative providers such as the new challenger banks and non-bank lenders. Not only would this boost their lending capacity, but would also corral existing provision such as co-investment and guarantees to support business expansion.
- Developing a series of collaborative but challenging sector strategies in advanced manufacturing, knowledge-intensive traded industries, and the enabling industries. This will include building strategic partnerships with industries and targeting support for them to help realise their substantial growth prospects.
- The Business Secretary announced that 34 bids had been successful in the first round of the Employer Ownership pilot scheme securing £67 million of public funding and generating £98 million in private investment, making sure that employers can access exactly the sort of skills they need. Ensuring our world class skills policy is linked closely to the industrial strategy, in order that industry gets the skills they need to continue growing. This objective underpins the employer ownership pilot scheme where employers have been putting together radical plans to develop their own training programme.
- Accelerating the journey from pure academic research to a commercial product being brought to market to help boost ground-breaking technologies of the future. The Government has already made £180 million available to support the commercialisation of innovations in the life sciences sector and building on this new approach, there will now be a new Innovation and Knowledge centre in Synthetic biology to explore the opportunities this sector presents.
- Recognising Government’s role as a customer and developing a more intelligent partnership with its own supply chain by reforming procurement to make sure that businesses have confidence to take long-term investment decisions.
What is your reaction to the government’s plan to create ‘business bank’ which will help companies to invest and create new trade jobs? Share your thoughts by commenting here or raising your voice on our Facebook and Twitter pages.
Speaking today at the largest trade and investment event ever held in Britain, Prime Minister David Cameron said that the £8 billion development of the Battersea Power Station in South West London will create 20, 000 jobs during its construction.
The mixed development will contain homes, office space, a hotel and retail space and will see the Northern Line extended with a new transportation hub at the Power Station site.
The Global Investment Conference, launched by the Prime Minister, is the first of a series of global business summits being held in London to showcase the UK during the Olympic and Paralympic Games. The event is expected to generate hundreds of thousands of new jobs for people in the trades.
The conference kicks off the largest and most ambitious set of trade events held in Britain. During the six weeks of the Games, the British Business Embassy will host 17 global business summits that will bring over £1 billion of deals and projects.
These events will allow more than 4,000 business leaders and politicians to exchange views and ideas, discuss local and international economic challenges as well as develop strong global partnerships for future growth and showcase the best of British business to the world.
Chancellor George Osborne said: “Britain has always been a country that is open to the world. In hosting the Olympic Games, we are showcasing that openness. As we welcome the world’s best athletes, we also welcome the world’s best companies – so that they can succeed, invest, and create jobs in Britain.”
Business Secretary Vince Cable said: “Tomorrow we welcome the world to London as the 2012 Olympic Games get underway. This summer is more than just a great sporting spectacle – it is an unrivalled opportunity to promote the best of British industry and make the most of our openness to foreign trade and investment.”
This month, the UN’s World Investment Report showed that the UK had retained its place as the number one destination in Europe for inward investment. The report showed that there were almost 60,000 new jobs created last year as a result of inward investment.
What is your reaction to the Global Investment Conference that could bring billions of pounds to the UK economy? How much of an impact will the Olympics have on your business? Share your thoughts by commenting here or raising your voice on our Facebook and Twitter page.