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Mandelson launches £64m investment for local innovation

The government has announced that it will be making a £64.4million investment in regional development, innovation and regeneration.

Plans for investment were announced by Business Secretary Lord Peter Mandelson on Wednesday 24 February and are being billed as a Labour economic commitment towards regional industrial sectors.

It was revealed that the funding will be distributed by the nine Regional Development Agencies (RDAs) and will support a range of schemes spanning from green energy provision and low carbon manufacturing to innovation and urban regeneration.

The RDAs have supported the plans by outlining their own aims to ensure that new jobs and opportunities developed from future growth will benefit local people.

“The RDAs are by far the best way for the Government to secure future economic growth,” Lord Mandelson said.

“Their Action Plan highlights how they are uniquely placed to help deliver our strategies for economic recovery, job creation and business success throughout the country.

“For every £1 the RDAs spend, around £4.50 is put back into their region’s economy. Over the past decade, this spending has created more than 850,000 jobs, helped start up nearly 60,000 businesses and ensured that people across the country are able to benefit from new economic opportunities in their region.”

The funding will be divided thus:

£4.4million will be provided to the Northwest Regional Development Agency for a new Centre for Nuclear Energy Technology.

£5million has been allocated to ONE North East to help Tees Valley companies improve their resource efficiency by reducing their energy use.

Yorkshire Forward will receive £6million to help fund the regeneration of Huddersfield Waterfront Quarter.

£22million will be given to East Midlands Development Agency to aid local business development and exploit innovation ideas.

Advantage West Midlands has been granted £3.9million to expand Michelin’s its Stoke-on-Trent plant by installing new equipment and modernising production.

The East of England Development Agency will have £5.5million to allocate to companies that conduct low carbon research and development initiatives.

£7.4million will be sent to South East England Development Agency for investment in the establishment of a GKN and Rolls Royce Environmental Lightweight Fans (ELF) pre-production facility on the Isle of Wight.

The London Development Agency will receive a new series of free seminars to help SMEs build on their successes and identify new opportunities for growth.

Finally, £10.2million will be presented to the South West Regional Development Agency which will be use to help fund for the Bristol and Bath Science Park.

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