Investing for Growth
New investments in businesses and technologies with strong potential to support sustainable economic growth were announced by Business Secretary Lord Mandelson today.
Lord Mandelson welcomed the additional 200 million pounds announced in today’s Pre Budget Report for the Government’s Strategic Investment Fund (SIF), which emerging technologies across the UK are using to strengthen their capacity for innovation, job creation and growth.
The additional 200 million pounds brings the SIF total allocation to 950 million pounds and includes 150 million pounds for low-carbon investment.
Among the projects the additional money will fund are:
50 million pounds for the further development of the offshore wind industry in the UK, focused on funding for new off-shore wind energy manufacturing facilities.
5 million pounds additional funding to the Technology Strategy Board to set up new prize funds for emerging technologies.
30 million pounds to support low carbon transport projects including an expansion of the TSB's current ultra low-carbon vehicles competition.
40 million pounds for other low carbon projects.
30 million pounds for the chemicals industry on Teesside (part of the 60 million pound investment announced Tuesday 8 December) to lead the way in demonstrating how to decarbonise the process industry, while maintaining competitiveness.
Today’s announcement adds to the 750 million pounds allocated in the April Budget to SIF, which targets government support on markets and technologies where the UK has proven strengths and competitive potential.
Business Secretary Lord Mandelson said:
“The Government’s investment in Britain’s new industries is laying the foundations for strong, sustainable growth and a more balanced economy where manufacturing, innovation and new technologies create high-value jobs across the UK.”
“There are huge opportunities for British businesses as they grow out of the recession. The Strategic Investment Fund is helping them compete in new global markets and low carbon manufacturing by investing in skills, research and infrastructure.”
“Money from the Strategic Investment Fund has been agreed for some of the most forward-looking projects on the planet: the biggest wave farm in the world, centres of excellence for the video games industry, British digital infrastructure and UK export promotion.”
Three further projects to be funded from SIF were also announced today:
11.5 million pounds for the world’s largest wind turbine blade testing facility at the New and Renewable Energy Centre in Blyth, Northumberland.
10 million pound investment in a 44 million pound High Performance Computing Institute in Wales which will focus on providing support to key industrial sectors
12 million pounds for the transformational Edinburgh BioQuarter - a 24 million pound partnership project involving Scottish Enterprise, the University of Edinburgh, the NHS and Alexandria Real Estate Equities Inc that will support the growth of new and emerging life sciences companies
A significant amount of the funding is being invested jointly with key delivery partners such as the Technology Strategy Board and it is also leveraging money from the private sector.
Contacts:
BIS Press Office
NDS.BIS@coi.gsi.gov.uk
Rebecca Murrell
Phone: 020 7215 6403
Rebecca.Murrell@bis.gsi.gov.uk
News Release issued for the Department for Business Innovation & Skills by COI News Distribution Service on 09 December 2009.
The full report can be found on the Department for Business Innovation & Skills website.
14 Dec 2009