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New wave of private investments to boost economy

One year after the launch of the Government's New Industry New Jobs growth strategy, new investments in skills, civil nuclear energy and low carbon technologies have been announced.

17 Mar 2010

The New Industry New Jobs strategy announced the government's intent to support private sector investment in the development of key new industries, especially in the infrastructure and skills they need to meet future challenges and take advantage of new opportunities.

Lord Mandelson said:

"Over the next decade, Britain's economy is going to need a new wave of private sector investment in long-term business creation and job creation.

"This is about making the economy ready for a decade of industrial and economic renewal in Britain. We will need new industrial strengths and we will need to reinforce our position as global leaders in innovative manufacturing and services."

Lord Mandelson and Business Minister Pat McFadden visited Sheffield Forgemasters to announce that a conditional offer of a government loan has been made to the company which will see the firm build the largest nuclear accredited steel press in Europe, able to manufacture the largest components vital for civil nuclear power stations. View the BIS press notice for more information on the £80m loan to Forgemasters.

Investment in skills

  • The government is publishing a prospectus inviting bids for the Joint Investment Programme, to boost investment in skills in priority sectors. The programme will see up to £50m government investment in the next academic year, matching an equal contribution from the private sector.
  • Lord Mandelson today spoke at the Instiute of Mechanical Engineers, where the UK Commission for Employment and Skills published the National Strategic Skills audit. For more information read the Government response to the audit here and Lord  Mandelson’s speech here.
  • A National Skills Academy for Power to boost energy industry skills has been approved and is ready for launch, with £2.9m investment from the government and £3.9m in cash and in kind investment from EDF, E-On and other industry employers. Energy and Climate Change Minister David Kidney will launch the Academy at E-ON's Engineering Academy at Ratcliff on Soar.
    New National Skills Academies will be created, covering rail engineering; logistics; green building services. And the existing NSA for Process Industries will expand to create new academy hubs for biotechnology and composites. These NSAs will benefit from a combined total of over £12m government investment through the Skills Funding Agency, matched by employers.
  • The Learning and Skills Council (LSC) has approved a Tunnelling and Underground Construction Academy in Ilford, London, to be run by Crossrail. The new facility will receive £5m public funding and will develop new courses and qualifications. 
  • The government announces that it will co-fund the delivery of up to 1000 apprenticeships per year in the nuclear sector as Cogent, the Sector Skills Council for the nuclear, chemical, pharmaceuticals and oil & gas industries, outlines its government commissioned nuclear skills report. The full report will be published shortly.
  • The Higher Education Funding Council for England is earmarking £10m in 2010/11 to incentivise the teaching of science, technology, engineering and maths (STEM) and other priority skills at university. These incentives will be strengthened further from 2011/12 on advice from the Higher Education Funding Council and business leaders. See the HEFCE Website for more information.
  • The government is today publishing a progress update - Fuelling Potential - on the implementation of skills accounts and the adult advancement and careers service. These services will play a key role in helping individuals make the best informed decisions about skills and careers drawing on labour market data.

Manufacturing

  • Business Minister Ian Lucas will announce the preferred site for a new National Composites Centre in Bristol, created with £16m funding from the Department for Business and the South West Regional Development Agency. More than 200 leading industry researchers and academic experts will be based at the centre.

Low carbon