Growth Fund Success for Yorkshire Businesses
Published 12th Apr 2011 by Rachel McDerby
Mid Yorkshire Chamber of Commerce welcomes the Government announcement regarding the first round of awards from the Regional Growth Fund, which includes four successful bids from organisations within the Leeds City Region.
Three of the winning bids come from the area served by Mid Yorkshire Chamber of Commerce including a project to expand the Haribo sweets factory in Wakefield, and a housing and regeneration project in the city.
In Huddersfield, David Brown Gear Systems will use £2m to build a new research and development centre that looks at ways of improving gearbox reliability and durability in wind turbines.
Head of Policy and Representation, Steven Leigh, said: "These projects will protect and create jobs and provide sustainable economic growth within the district, and will no doubt make a big difference to the future economic wellbeing within those local communities.
"Elsewhere there will be many similar projects which will benefit and it can only be good for the UK’s economic recovery if the Government achieves its target of creating and safeguarding over 27,000 jobs together with the spin-off benefits which are expected to promote up to another 100,000 jobs in supply-chains and local communities in future years.
“This good news comes after the earlier welcome announcement in the Budget that the Leeds City Region will benefit from an Enterprise Zone to further stimulate economic growth and create employment in our region, and we welcome this Government's determined efforts to rebalance the economy towards business-led wealth creation and away from a public-sector which has grown to a level which we can no longer afford.
“It is also pleasing to note that the Government expects that today’s £450m Growth Fund awards will provide stimulus for around £2.5bn of additional investment from the private sector.
“Our part of the country needs and deserves additional funding and support from the Government if we are to bridge the North-South divide and bring about genuine prosperity within our region. Our Chamber of Commerce will continue to lobby strongly for business-friendly policies which will help ensure the UK’s economic recovery."
For more information on the Regional Growth Fund visit the Department for Business Innovation and Skills website