Hinkley Point C to create 25, 000 jobs

Hinkley Point C to power six million UK homesEDF and its Chinese partner China General Nuclear Corporation (CGN) have committed to Hinkley Point C during this week’s landmark China State Visit.

The project will provide a vital boost for the national and local economy – creating 25,000 jobs, up to 1,000 apprentices and landing UK businesses billions of pounds worth of supply chain contracts.

Hinkley Point C will provide low carbon electricity to six million homes, twice as many as the whole of London, for around 60 years – and consumers won’t pay a penny until the plant is up and running.

The companies have signed a Strategic Investment Agreement which marks a critical moment for the site in Somerset. EDF has confirmed it will take a 66.5 per cent stake in Hinkley with CGN taking 33.5 per cent, demonstrating a clear commitment from both parties.

The Government and EDF have finalised the detail of the Contract for Difference which offers increased price certainty for the electricity produced from Hinkley Point C.

The Funded Decommissioning Programme has been approved and will make sure that the tax payer doesn’t pick up the cost of decommissioning the plant in the future.

Prime Minister David Cameron said: “I’m pleased to announce that today we are signing an historic deal to build the Hinkley nuclear power station, providing reliable, affordable energy for nearly six million homes and creating more than 25,000 jobs, all while working together to build a low-carbon future.”

Energy Secretary Amber Rudd said: “We are tackling a legacy of under-investment and building energy infrastructure fit for the 21st century as part of our plan to provide the clean, affordable and secure energy that hardworking families and businesses across the country can rely on now and in the future.

The UK is open for business and this is a good deal for everyone – Hinkley Point C will continue to meet our robust safety regulations and will power nearly six million households with low-carbon energy, creating over 25,000 jobs and more financial security for working people and their families.”

The Government will support new nuclear power stations as we move to a low-carbon future. Hinkley Point C will kick start this and is expected to be followed by more nuclear power stations, including Sizewell in Suffolk and Bradwell in Essex. This will provide essential financial and energy security for generations to come.

EDF Energy CEO Vincent de Rivaz said: “Hinkley Point C and successive nuclear projects will guarantee the UK the reliable, secure low carbon electricity it needs in the future.

Nuclear power will save customers money compared with other energy options and provide a huge boost to British industrial strength, jobs and skills both in Britain and abroad. Today’s announcements are also good news in the fight against climate change.”

25,000 new businesses supported by Start Up Loans

25,000 new businesses supported by Start Up LoansThe government’s Start Up Loan scheme has hit another milestone as the 25,000th business loan is approved, taking the total amount lent to new firms to nearly £130 million.

The scheme provides financial support and mentoring to entrepreneurs looking to set up their own business.

According to the Start Up Loan Company, more than 32,000 new jobs have been generated as a result of the scheme since it was launched in 2012.

Prime Minister David Cameron said: “Small businesses are the lifeblood of our economy and supporting them to get off the ground and create jobs and opportunities for hardworking people is a key part of our long-term economic plan.

That’s what our Start Up Loans are all about – it’s great news that 25,000 loans have now been issued, giving people who want to work hard and get on the tools and confidence to turn their entrepreneurial vision into a reality.”

Business Secretary Vince Cable said: “The Start Up Loans scheme is enabling thousands of entrepreneurs across the country to realise their ambition and set up their own business.

Helping businesses to access the funds they need to grow is key to our recovery and through schemes like Start Up Loans the government is supporting serious volumes of lending to small and medium sized businesses.”

James Caan CBE, chairman of the Start Up Loans Company, said: “The creation of 25,000 new businesses is a significant achievement and everyone involved – the government, the Start Up Loans Company, and the loan recipients themselves, should be immensely proud.”

Prime Minister unvails thausands of new jobs

Prime Minister David CameronPrime Minister David Cameron has announced more than £240 million of new investment across the UK that will create and safeguard 1,800 jobs.

UK and Welsh governments have also joined forces with leading aircraft manufacturer Airbus to announce a joint investment of more than £100 million into research, development and training which will ensure the UK continues to lead the world in aerospace.

Mr Cameron said: “This investment is a vote of confidence in our long-term economic plan and the jobs it will create and safeguard in Wales and across the UK means financial security for more hardworking families.”

Around £64 million of the £100 million plus investment will support research and development through the Aerospace Technology Institute on a range of projects aimed at streamlining manufacturing processes and developing new technologies.

A total of £48 million is being invested in a project at the Broughton plant in North Wales which will develop new systems and technologies for building aircraft wings.

The announcements follow a record year for investment in the UK during 2013 to 2014 with latest UK Trade and Investment figures showing more than 66,000 new jobs created or safeguarded – the highest since 2001 – and 10,000 in Wales alone.

The news comes as work begins on the first phase of a £250 million expansion at Dyson’s hi-tech facility at the Malmesbury site which will create up to 3,000 jobs.

Prime Minister David Cameron said: “Two months ago I hosted world leaders in Newport for the NATO Summit where we left united in purpose, with a stronger alliance, and better able to keep our people safe.

Today’s investment summit, which will see more than 150 business leaders from international companies gather in Newport, is part of our plan to build on this legacy, attract trade and investment, and secure a brighter future for all of Britain.”

Trade and Investment Minister Lord Livingston said: “This summit provides a great platform to highlight opportunities across the UK. Inward investment to the UK is already at record levels with Wales in particular achieving strong growth.

Investment is flowing from companies around the world into manufacturing, services and infrastructure reflecting the UK’s position as one of the best places to do business in the world.”

PM and Chancellor give green light to develop HS3

HS2 As part of the government’s long term economic plan for the north, the Prime Minister and Chancellor gave their backing to develop the high speed rail link HS3.

The high speed rail link will connect the north’s great cities which will significantly reduce journey times across the region, boost the construction industry as well as create new jobs.

The Prime Minister and the Chancellor were responding to a report published by HS2 Chairman Sir David Higgins which sets out proposals for how to maximise the benefits of HS2 in the north and how transport links can be improved in the north of England more widely.

In the report, Sir David identifies the vital importance of improving east west connectivity across the north and considers the central role a high speed rail link could play.

He concludes that with a high speed link the journey time between Leeds and Manchester could be cut from around 55 to between 26 and 34 minutes.

The government, working with Transport for the North, will now produce a comprehensive transport strategy for the region. This will include options, costs and a delivery timetable for a HS3 east west rail connection. An interim report will be produced next March.

By combining the strengths of the north’s great cities, the government believes that the proposals will help transform the economy of the north of England and play a key role in delivering a northern powerhouse.

The government is also launching a review into the costs and time it takes to build high speed rail, drawing on international experience to find ways to bring down the costs of Phase Two and future high speed rail projects.

Prime Minister David Cameron said: “Improving connectivity and reducing journey times between our great northern cities is a crucial part of our long term economic plan for the north to boost businesses and create more jobs and security for hardworking people. That’s why we are backing HS3.

“I welcome Sir David Higgins’ report which will help our work to create a northern powerhouse and ensure that HS2 delivers the maximum economic benefits.”

Chancellor George Osborne said: “The vision I set out earlier this year of the northern powerhouse we could build is rapidly taking shape. I asked Sir David Higgins to look at how we deliver the better transport links across the north that would make a reality of that powerhouse.

“I’m delighted with the rapid response and the report. Today we take another big step forward in delivering both the HS2 links from north to south and the HS3 link across the Pennines.”

Turning the Games into gold: trade and industry boost

Commonwealth GamesThe UK economy has seen a trade and industry boost in excess of £14 billion following the London 2012 Olympic and Paralympic Games.

As the Commonwealth Games opens in Glasgow, the second annual report on the successful legacy from the London 2012 Olympic and Paralympic Games has been released.

On Sunday UKTI published record-breaking Foreign Direct Investment results for 2013/14, with 1,773 projects spread across the UK and 14 per cent more than the previous year, creating 66,390 jobs – the highest in over a decade – and safeguarding 44,971.

It highlights how hosting major sports events can bring about benefits that improve people’s lives and help sell the best of Britain to the world.

The £14.2 billion comes from businesses securing contract wins, additional sales and new foreign investment in the two years since UKTI’s British Business Embassy at Lancaster House hosted the largest programme of business events held in Britain during London 2012.

Prime Minister David Cameron said: “Part of our long-term economic plan is about promoting every part of our country to the world and Glasgow’s Commonwealth Games will give us another fantastic platform to do this.

“It follows on from London 2012, which was not just an amazing sporting event, but also a great opportunity to secure a lasting economic and sporting legacy for the whole UK.

“This government will continue to work on behalf of every hardworking business in the UK to drum up trade, encourage investment and pave the way for growth so we can generate jobs, pay our way in the world, and create stability, security and a brighter future for our country.

“I am confident we can build on our experience in London and make Glasgow 2014 so much more than just an amazing sporting event.”

The announcement coincides with news that British companies have reported an expected £7 billion of overseas business in Commonwealth countries as a result of UKTI support.

Construction gets boost from Government Growth Deals

Government investment to build thousands of new homesAs part of its long-term economic plan to secure Britain’s future, the government today is agreeing a series of Growth Deals with businesses and local authorities across England.

The Prime Minister and Deputy Prime Minister have announced the first instalment of plans to invest at least £12 billion in local economies in a series of ‘Growth Deals’ that will boost the construction trades.

The money will go towards providing support for local businesses to train young people, create thousands of new jobs, build thousands of new homes and start hundreds of infrastructure projects.

Prime Minister David Cameron said: “Growth Deals are a crucial part of our long-term plan to secure Britain’s future. For too long our economy has been too London-focused and too centralised. Growth Deals will help change all that. They are about firing up our great cities, towns and counties so they can become powerhouses.

“By trusting local people, backing business and investing in infrastructure, skills and housing, we can create thousands of new jobs. And that means more economic security, peace of mind and a brighter future for hardworking people across the country.”

Deputy Prime Minister Nick Clegg, who chairs the Local Growth Cabinet Committee, said: “We are ending a culture of Whitehall knows best. Decisions over spending on infrastructure, business support and housing are being made at a truly local level. It will help end our over-reliance on the banks and the City of London, and generate growth, jobs, and ambition in towns and cities all across England.

“Growth Deals will create thousands of jobs, provide incredible new training opportunities for young people, build thousands of new homes and improve transport links across the country for people and their families; building a stronger economy and a fairer society.”

Prime Minister praises UK infrastructure boost

Prime Minister praises UK infrastructure boostThe Prime Minister David Cameron visited the Thames Valley region yesterday to highlight the government’s commitment to upgrading Britain’s rail infrastructure and boost the trades.

As part of its long-term economic plan, the government is committed to improving train journeys for hundreds of thousands of people as well as helping local businesses by stimulating economic growth.

On a visit to one of the Great Western upgrade projects in Berkshire, the Prime Minister saw for himself the latest works to remove a bottleneck near Reading station.

The Reading Elevated Railway is a part of the £850 million improvements to the Reading network, which is one of the busiest in the country.

The 2 kilometre long elevated railway project, which has a workforce of 400 people, is running a year ahead of schedule and under budget.

It will help make journeys quicker and more comfortable for hundreds of thousands of hardworking people and businesses as well as increasing capacity to meet the expected rise in passenger numbers in the future.

Speaking earlier this week on visiting rail and road projects, as part of a week focused on infrastructure, Mr Cameron said: Ensuring Britain has first class infrastructure is a crucial part of our long term economic plan: supporting business, creating jobs and providing a better future for hardworking people.

“As a crucial part of our long-term economic plan, this government is backing business with better infrastructure so that more jobs and opportunities are created for hardworking people, meaning more financial security and peace of mind for families.”

The ongoing work to upgrade a section of the Great Western represents just one part of a £7 billion programme of investment in the line which is the highest of any rail route in the UK.

PM and Chancellor welcome £36bn infrastructure projects

PM and Chancellor welcome £36bn infrastructure projectsMore than 200 construction projects are set to start in the next two years that will create 150,000 construction jobs and boost the trades industry.

The Prime Minister and the Chancellor visited a transport infrastructure project yesterday to see how the government is helping businesses with investment in better infrastructure and encouraging economic growth.

More infrastructure projects are also due to be completed this year, including major roads such as the M6 J10A-13, Nottingham tram extension, Heathrow Terminal 2 upgrade and Gwynt y Môr offshore wind farm, which is currently the largest in construction anywhere in Europe.

The projects due to start construction this year are part of £36 billion of planned investment in infrastructure across the country that could support over 150,000 jobs in construction and many thousands more in other sectors following completion.

Prime Minister David Cameron said: “Ensuring Britain has first class infrastructure is a crucial part of our long term economic plan: supporting business, creating jobs and providing a better future for hardworking people.

“As a crucial part of our long-term economic plan, this government is backing business with better infrastructure so that more jobs and opportunities are created for hardworking people, meaning more financial security and peace of mind for families.”

Chancellor of the Exchequer George Osborne said: “As part of our long term economic plan we are investing in infrastructure around the country to create a more balanced, resilient economy.

“Because of the tough decisions we have taken in day to day spending, we can prioritise public investment where it is most needed and create the right conditions for private investment in infrastructure where it brings value for the taxpayer.

“So this year over 200 new projects worth an estimated £36 billion are due to start, creating thousands of jobs, securing future growth and delivering the world class infrastructure Britain deserves.”

Funding boost for roads hit by bad weather

Funding boost for roads hit by bad weatherAn extra £140 million investment will help repair roads hit by weather damage and boost the trades, Transport Secretary Patrick McLoughlin has announced today.

As part of the government’s response to the damage done during one of the worst winters on record, support for councils to fix the roads most damaged by severe weather will be increased by £36.5 million, to £80 million.

On top of this, following the exceptionally severe weather of recent months, an extra £103.5 million is also being made available to all councils across England.

This is in addition to almost £900 million already made available for road maintenance this year, bringing total government investment allocated to road maintenance to more than £1 billion in 2013 to 2014.

Prime Minister David Cameron said: “It’s because of the difficult decisions we have made on public spending that we can afford to repair roads damaged by the severe weather as part of our long-term economic plan to secure Britain’s future and help hardworking people.”

Transport Secretary Patrick McLoughlin said: “Having the right infrastructure in place to support businesses and hardworking people is a crucial part of our long-term economic plan.

“This extra money will help make a real difference to the millions of road users and local residents who rely on local roads, giving them safer and smoother journeys.”

This additional money will be allocated on a formula basis, and will be distributed to the majority of councils in England by the end of this week, to ensure that they can make use of it as soon as possible and complete works before the summer holidays.

Government support for small businesses

Small firms will see the cost of doing business fall this year following measures brought in by the government to help them get on.

Speaking at a Federation of Small Businesses event, Prime Minister David Cameron has set out how the success of small businesses is central to the government’s long term economic plan.

He pledged his commitment to continue to make it easier for small businesses to thrive, create new jobs and boost the UK economy.

Business Secretary Vince Cable said: “Small businesses play an important role in boosting growth and creating jobs. I regularly meet these companies across the UK to hear first hand how government can do its part to help small and medium sized businesses grow and succeed.

“We have acted on their demands by improving access to finance with the new British Business Bank which I established last year, by significantly reducing red tape and by increasing the take up of business rate relief.”

This package is part of the government’s efforts to boost support for the growing number of small businesses across the UK. Small firms employ around 14 million people and are making an increasingly significant contribution to the British economy.

Enterprise and Skills Minister Matthew Hancock said: “Small businesses are the bedrock of the UK economy and I’m delighted that today at the Federation for Small Businesses’ policy day, we are able to cement our commitment to help them grow.

“Small businesses are responsible for nearly half the job creation in the UK. That’s why we must continue our drive to provide the support they need to scale-up, move into new markets and hire more staff so that they can compete in the global race.”