Asked by: Kate Hollern (Labour - Blackburn)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to support manufacturers in the North West.
Answered by Claire Perry
We are working with UK industry to create the right conditions for competitive, world leading manufacturing businesses to flourish and grow across the UK. We are supporting all UK manufacturers by cutting business taxes, slashing red tape and investing in new scientific infrastructure on a record scale. Through our Industrial Strategy, we will make sure that we are using all the tools we have to stimulate growth in places such as the North West. That means using our record investments in infrastructure to unlock growth in every part of the country; using the major new investment in research to support innovative manufacturing businesses across the country; and encouraging inward investment into the parts of the country where we need to get growth going faster.
Over the past few years, we have invested over £1.5 billion through the Local Growth Fund, in the North West for projects to boost local economies and the Regional Growth Fund that supports eligible projects and programmes raising private sector investment to create economic growth and lasting employment, has since its launch in 2010, resulted in over 46,000 jobs being contracted, of which 21,426 are in manufacturing.
Asked by: Kate Hollern (Labour - Blackburn)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to support job creation schemes in (a) the North West and (b) Blackburn with Darwen.
Answered by Margot James
The Northern Powerhouse is about boosting growth across the North by building on its economic assets and addressing barriers to productivity including the creation of new job opportunities to ensure an economy that works for everyone. They are 7 million people in employment in the Northern Powerhouse and the North West accounts for almost half of that. Proof that the steps we are taking to support job creation schemes in the North West are working.
Small businesses are playing their part in this through access to national support through GOV.UK and the Business Support Helpline and we have invested in the creation of a network of 38 Growth Hubs (one in each Local Enterprise Partnership area), providing businesses across England with access to tailored local advice and support to help them grow. Lancashire’s business growth hub (Boost) which covers Blackburn and Darwen has worked with over 3,000 local SMEs and created over 1,300 new jobs in its first three years.
In February this year, we launched the £400 million Northern Powerhouse Fund for small businesses across the North, ensuring they access to finance they need to start-up and grow. This fund has now made 39 investments/loans into businesses in the North West totalling £7.11m (over half of that invested across the Northern Powerhouse) which are forecasted to create 409 jobs.
The Regional Growth Fund (RGF) supports eligible projects and programmes raising private sector investment to create economic growth and lasting employment. Since its launch in 2010 it has invested £2.6 billion to help local businesses grow and take on more staff across England. In the North West, 46,676 jobs have already been contracted of which 249 are in Blackburn with Darwen.
Over the past few years, we have invested over £1.5 billion through the Local Growth Fund in the North West for projects to boost local economies and Growth Deal 1 and 2 allocations aim to create over 35,000 jobs across the North West. The Lancashire Local Enterprise Partnership, which covers Blackburn with Darwen have now received over £320m as part of their Local Growth Funding to give businesses the support and opportunities they need to achieve their potential which aims to see up to 11,000 jobs created across Lancashire
Projects such as the Blackburn – Bolton Rail Corridor, Blackburn Town Centre improvements, Café Northcote at the Cathedral Quarter, Making Rooms Fab Lab and the Pennines Gateway initiative are just some of the locally-chosen projects in Blackburn and Darwen that are set to benefit over the next few years helping unlock new growth potential, create jobs and establish a network of centres focused on innovation and industrial excellence in key growth sectors for the whole of Lancashire.
Asked by: Kate Hollern (Labour - Blackburn)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to support business growth schemes in (a) the North West and (b) Blackburn with Darwen.
Answered by Margot James
We are working hard to support businesses and entrepreneurs across the UK to ensure they can access finance and wider support to grow and the right conditions are in place for companies to invest for the long-term.
Small businesses across the North West can access national support through GOV.UK and the Business Support Helpline. Government has also supported and invested in the creation of a network of 38 Growth Hubs (one in each Local Enterprise Partnership area), providing businesses across England with tailored advice and support. For businesses in Lancashire (including those based in Blackburn, Darwen and Rossendale) this support is provided by Lancashire Business BOOST Growth Hub which acts as the first port of call for businesses seeking advice and support locally. Since its launch in November 2013, Boost has engaged and supported 3943 businesses and helped 312 individuals to start up a new business.
Since November 2014, the British Business Bank has facilitated over £11.8 million of investment/lending to 279 businesses within Blackburn and Darwen. This includes 208 Start-up Loans at a value of £1.4 million.
The British Business Bank also launched the new Northern Powerhouse Investment Fund (NPIF) on 22 February 2017. The NPIF works with ten Local Enterprise Partnerships, combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to provide a mixture of debt and equity capital to northern-based SMEs at all stages of their development. NPIF provides funding to fund managers who in turn offer microfinance (£25,000 - £100,000), business loans (£100,000 - £750,000) and equity finance (up to £2m).