The government is making £64.4m of investment available for distribution by the regional development agencies.
The funding, just announced by the Business Secretary, Lord Mandelson, will be focused on green energy provision, low-carbon manufacturing, research and development, support for science and innovation and urban regeneration.
Investments will go towards, among others, the following initiatives and investments:
- The Northwest Regional Development Agency will spend £4.4m on a new Centre for Nuclear Energy Technology
- ONE North East gets a £5m package to help Tees Valley companies improve their resource efficiency by reducing their energy use
- Yorkshire Forward receives £6m funding for the regeneration of Huddersfield Waterfront Quarter
- The East Midlands Development Agency will spend £22m to help regional businesses develop and exploit innovative ideas
- Advantage West Midlands gets a £3.9m grant for Michelin to increase capacity at its Stoke-on-Trent plant, install new equipment and modernise the production process
- The East of England Development Agency has a £5.5m fund for companies conducting low carbon R&D across the region
- The South East England Development Agency has struck a £7.4m investment deal to help GKN and Rolls Royce establish a pre-production facility for Environmental Lightweight Fans (ELF) on the Isle of Wight.
The London Development Agency is hosting a series of free seminars to help SMEs build on their successes and identify new opportunities for growth
The South West Regional Development Agency has won an additional £10.2m funding for the Bristol and Bath Science Park
The Minister for Regional Economic Coordination, Rosie Winterton, says:
“RDAs are a key delivery vehicle for taking forward the Government's New Industry, New Jobs and Growth Strategies. Their Action Plan highlights the real difference they are making and offers a clear commitment to ensure the regions benefit from future growth.
“I have seen first-hand the help RDAs have provided for business during the recession. This includes providing 110,000 businesses with Business Link health checks, an additional £125m funding for small firms, and bringing forward £100m to support regeneration.
“The RDAs also fulfil an essential role in providing critical skills training for the workforce and by helping link businesses with universities to foster innovation. In four years they have assisted over 400,000 people to improve their skills, which is almost the population of Manchester. And they look beyond their region by supporting UK exporters in overseas markets and attracting foreign investment.”
The Government has also published a policy statement to help the RDAs and local authorities prepare regional strategies for promoting sustainable economic growth, increasing housing provision and tackling climate change.
And the Technology Strategy Board published its report, ‘Accelerating Business Innovation across the UK’, about how it is working with the RDAs and devolved governments to boost innovation.
