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Investment following budget in Manufacturing

Story added 25 March 2010.

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The Chancellor of the Exchequer Alistair Darling has confirmed in the recent Budget that the Government is to set up a £2 billion Green Investment Bank as well as provide £60 million to UK ports to host offshore wind manufacturers.

Alistair Darling said that the new Green Investment Bank would be backed by £2 billion of equity funding, including from the sale of Government assets such as the Channel Tunnel Rail Link. He said the bank would “unlock billions” of additional money from private investors.

The £60 million the Chancellor promised to UK port sites will go towards their redevelopment in order to support offshore wind turbine manufacturers looking to locate new facilities in the UK. Darling said the move would help create “100,000 of extra jobs” in the UK.

Announcing that spending would increase by 2.2 per cent above inflation this year but that borrowing would be less this year and next than previously forecast, Darling said the Government had a role to play in “the future growth, jobs and prosperity” of the country.

“The raw materials to fuel this growth is here in abundance,” he said. “We are the sixth biggest manufacturing nation in the world and we work hard to create an environment for ingenuity and entrepreneurial flair."

The offshore wind investment is expected to encourage wind turbine companies such as Clipper Windpower and Mitsubishi to set up manufacturing bases in the UK. Both companies have recently indicated their intention to invest in the UK offshore wind market if the conditions are right.

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