Govt unveils £750m 'strategic investment' for businesses

Date: 23rd April 2009

A new £750 million strategic investment fund for businesses was announced at Chancellor Alistair Darling's budget speech yesterday (April 22nd).

The 'New Industry, New Jobs' scheme aims to improve competitiveness in UK commerce by providing substantial amounts of cash for investment in sustainable, low carbon firms, from sole traders to limited companies.

Up to £50 million will also be given to the Technology Strategy Board to support innovations in technologies.

Peter Mandelson, business secretary, said: "Backing green, low carbon businesses and technologies will be a priority for the new fund.

"Britain doesn't need to be pessimistic about our economic future as long as we prepare for it."

Mr Mandelson added that the fund was "a big step forward" in the UK's economic recovery.

Wednesday's budget also saw Mr Darling forecast British gross domestic product to shrink by 3.5 per cent this year, before growing by the same amount in 2011.