Budget: £750million investment for UK businesses

Today's Budget statement included the announcement of a £750million strategic investment fund.

The fund is intended to help businesses to come out stronger from the downturn.
The fund will include:
* £250 million to invest in low carbon business opportunities and innovation. This will include initiatives on low carbon vehicles, as well as the nuclear and renewable energy industries.
* £50 million extra for the Technology Strategy Board to expand its work with business, fostering innovation and new technologies.
* £10 million extra for UK Trade and Investment to help exporters.
The Chancellor, Alistair Darling, said: "These efforts… have the potential to create thousands of hi tech businesses and hundreds of thousands of high skilled jobs. These budgets give industry the certainty needed to develop and use low carbon technology - cutting emissions, creating new businesses and jobs."
Business Secretary Lord Mandelson, commented: "Today's Budget … is about investing and securing our future. The new fund to back 'New Industry, New Jobs' will support businesses in Britain build their strengths in innovation, R&D and skills. It's a fund to equip Britain to win as a low carbon, knowledge economy."
According to Lord Mandelson: "Britain doesn't need to be pessimistic about our economic future as long as we prepare for it. The new fund announced today is a big step forward."

Chris Shaw

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