Business secretary Vince Cable backs work of £1.4bn growth fund
BUSINESS secretary Vince Cable has defended the Government's £1.4 billion Regional Growth Fund as he visited firms across North Staffordshire.
Four projects in the region are still waiting for final offers a year after their grants were announced and the fund's performance so far was branded 'scandalous' by a Commons committee earlier this week.
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JOB CREATION: Vince Cable, left, talks to Ceram graduate structural technical consultant Peng He in a testing facility. Picture: Wesley Webster
Dr Cable was visiting Penkhull materials expert Ceram, which was awarded £1.9 million last October but is still awaiting final confirmation.
Ceram is to put the cash towards developing new firing technology which could help pottery manufacturers slash their energy bills.
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The project will create 25 new jobs at the company which employs around 140 people at its Queens Road headquarters.
It comes after The Sentinel revealed yesterday that Dr Cable had revealed that firms in North Staffordshire bidding for funding in third round of RGF will find out 'very soon' if they have been successful. Asked whether he thought the gap between funding being announced and confirmed was acceptable, he said: "There are very good reasons for the hold-ups. Contrary to the propaganda the RGF works well. Of the first two rounds 90 per cent have final agreements or due diligence well underway and two thirds of projects are actually underway because the money is predominantly coming from the private sector."
Ceram chief executive Tony Kinsella said he believed the firm would receive its final offer within weeks. He added: "We have still got some things to do for the grant on our side, but I think in two or three weeks everything will be cleared."
He added: "The RGF backing is obviously very welcome. But I'm a passionate believer that growth is the responsibility of industry itself. If UK businesses are to thrive in the global market place rather than just survive, they must embrace relentless innovation."
The RGF, which aims to boost economic growth and create sustainable employment outside London, has allocated £1.4 billion and the results of a third round of bidding are due to be announced later this year.
But a report from the public accounts committee found that so far just £60 million had so far reached businesses.
Round one winners, announced last April, included Crewe luxury car-maker Bentley which was also successful in round two, Stafford engineering giant Alstom and Middleport Pottery.
Ceram's grant was announced last October with Steelite International in Middleport, which was granted £2.1 million.
Stoke-on-Trent Regeneration Ltd was handed £2.5 million to improve access and infrastructure at the Etruria Valley Business Park, and Moorland & City Railways was offered £1.65 million to reopen a line between Leekbrook and Stoke-on-Trent.
The report reveals Bentley has received a final offer for its successful round one and two bids – £1.7 million and £3 million. And Middleport Pottery which has been given £1.7 million towards its transformation.
Comments
by scfcscfc08
Friday, September 14 2012, 9:17PM
“Funny how £1.4billion can appear in two separate headlines on the same day:
Business secretary Vince Cable backs work of £1.4bn growth fund.
UBS rogue trader who 'gambled away £1.4billion in biggest-ever City fraud.
The conspiracy theorists will spend much time looking for a connection.
But can't you see, of course i……”
by scfcscfc08
Friday, September 14 2012, 9:16PM
“P.S. Johntoe you're right, have a green un.”
by Redtone
Friday, September 14 2012, 7:03PM
“Just what is your problem Robnoxious? Chasing Johntoe & me around the site... parents not love you?”
by Johntoe
Friday, September 14 2012, 6:51PM
“This is of course the same Vince cable, who has just decided that, although we have the weakest employment protection laws in Europe, they aren't quite 'weak' enough, and has decided to make it even easier for bosses to sack us, AS WELL as putting a 'cap' on the amount of compensation that a tribunal can award to a victim of unfair dismissal,................., Niiiice,
http://tinyurl.com/8evfx6f
WAY to to get the economy moving, I mean, MOST people like to feel 'reasonably' secure in their job before they make any long term financial commitments, Ya know, like buying a house, or a new car, buying the furniture for a new house, even booking next years holidays,
These are the things that the nation NEEDS people to start spending money on,
this would increase manufacturing demand, which would encourage companies to 'set on' more staff to meet that demand,..... "growth"
Putting people in fear of losing their jobs by making it easier to be sacked for perhaps, whistling on a tuesday, or wearing a loud shirt in a built up area, will have the total opposite effect,
People will spend even LESS, causing the economy to shrink further,
The real reason is of course, to allow companies to sack their low paid, low skilled, elderly, disabled, and part time, (national minimum wage) workers, in order to allow the 'ex' workers to become part of the huge Tory generated pool of 'slave' workers, who will then be ordered to "work (for your benefits) or starve"
and will possibly even end up working for the same boss only this time not for a wage, but for your benefits, which of course, will be stopped if you DARE refuse,
Thatcher wouldn't have dared, it was only 'phase one' we are now well into 'phase two'”
by Robnoxious
Friday, September 14 2012, 5:30PM
“Point proved,these people don't like to hear the truth.their is only one opinion and it has that familiar tone to it, The red mist decends again. How must you hate yourselves.looking in the mirror. You are what you are.Take the last post off ,it proves the point i made Quotes that you made are know officially ABUSE. and from the ongoing abuse you continue with people on this site .the latest being knob rot irest my case Who would want to be a councillor. Get that taken off.The only abuse is yours,because you can not control my thoughts. You are living in the wrong country.The world is full of dictators.Back to the topic in question. The only growth industry here is cannabis and they are dragging the area into the gutter. How do your people say -10 - 9 - 8 - 7 - 6 - 5 - 4. For the record. another time.”
by Redtone
Friday, September 14 2012, 4:45PM
“Sorry lifeboat - the idiot was removed. Not having a go at you spar!”
by Redtone
Friday, September 14 2012, 4:26PM
“If you want a go at me knob rot, grow a pair and do it openly. Your 'oh-so-clever' cryptic rubbish is lost on most. What do you do when you're not pulling wings off flies?
For what it's worth, I wouldn't trust Vince Cable (or any Lib Dem) as far as I could spit him.”
by lifeboat
Friday, September 14 2012, 2:23PM
“Just been told there are two types of Regional Growth Fund. The one for SMEs closed this week. Very confusing.”
by lifeboat
Friday, September 14 2012, 1:52PM
“Barclays and NatWest closed the RGF earlier this week”