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Mid Yorkshire Chamber of Commerce

News | Mid Yorkshire Chamber Welcomes Extra £1bn Regional Growth Funding

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Mid Yorkshire Chamber Welcomes Extra £1bn Regional Growth Funding

Published 3rd May 2012 by Samuel Lewis

The Mid Yorkshire Chamber of Commerce has welcomed the Government’s announcement of a third round of Regional Growth Funding (RGF).

MID YORKSHIRE CHAMBER WELCOMES THIRD ROUND OF REGIONAL GROWTH FUNDING

 

The Mid Yorkshire Chamber of Commerce has welcomed the Government’s announcement of a third round of Regional Growth Funding (RGF).

 

On Thursday the Deputy Prime Minister announced an extra £1bn will be made available nationally to businesses seeking support to help them to grow or create new jobs.Our region has benefited from around £60m of funding from the first two rounds of the RGF and the Chamber welcomes this additional tranche, which could provide a significant boost to companies in Mid Yorkshire.

 

In 2011 the Leeds City Region coordinated nine advanced manufacturing businesses to bid for £3.3m of RGF funding in order to satisfy the £1m grant threshold. The Chamber believes that support for these key industries is strategically important as we look to rebalance our economy.   It is particularly encouraging to see support given to our region’s manufacturers and the RGF has given priority funding to Advanced Manufacturing.

 

It is essential at this time of uncertain economic conditions that companies are given the support and reassurance to invest and grow with confidence.  The Chamber’s Quarterly Economic Survey has indicated that many companies are delaying investment and employment plans due to concern over the current economic circumstances.  Businesses eligible for RGF funds must have ambitions to create new jobs within their local community, and must also illustrate that their development plans will have a significant impact on the local economy. It is companies such as this, with real ambition and growth prospects, which will provide the employment and wealth creation necessary to lead our country’s economic recovery.

 

Chamber Head of Policy Steven Leigh commented:

 

“This is a welcome boost to our regional economy and could provide vital support for growing companies.  It is essential that this funding should be provided with minimal bureaucracy and delay - so that firms can begin to invest and expand immediately.

We urge the Chancellor in his Budget next month to go much further with initiatives which will improve the business environment and provide greater incentives for private sector investment. The previous commitments to reducing the amount of business regulation and red tape, to the substantive reform of the planning system, to the reform and simplification of public procurement processes, and to facilitating the release of private money for major infrastructure projects should now be delivered as an absolute priority”.


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