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New help for manufacturers could generate £1.5bn growth and create 23,000 jobs

The new service will be delivered by the Manufacturing Advisory Consortium (MAC) and will help create an estimated £1.5bn in economic growth, 23,000 jobs and safeguard 50,000 jobs.

The Manufacturing Advisory Service will continue to deliver a national service to all manufacturing businesses in England but the new consortium now means that there will be a specific focus on:

  • driving business growth through strategic and technical support for SMEs developing advanced manufacturing capabilities and creating high value jobs
  • enabling business improvement with manufacturers operating in global supply chains; and
  • linking SMEs with the apprenticeship programme delivering a minimum of 1,250 engineering and manufacturing apprenticeships annually.
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Government introduces deregulatory measures

The Financial Secretary to the Treasury, Mark Hoban MP, has announced that two deregulatory amendments to the EU Prospectus Directive have been brought into effect a year early by the UK to help small businesses access equity finance more cheaply and effectively. By bringing these measures into force now, the Government is demonstrating its commitment to helping small UK businesses access the finance they need, in an announcement welcomed by the Federation of Small Businesses. The new requirements come into law on 31 July 2011, allowing businesses to take advantage of the measures from 1 August 2011.

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Sweeping intellectual property reforms

The Government today announced plans to support economic growth by modernising UK intellectual property laws. Ministers have accepted the recommendations made in an independent review which estimate a potential benefit to the UK economy of up to £7.9 billion.

 The recommendations were made in May 2011 by Professor Ian Hargreaves in his report, – ‘Digital Opportunity: A review of intellectual property and growth’. Modernising intellectual property law is a key action from the Government’s Plan for Growth, published in March alongside the Budget, which will help create the right conditions for businesses to invest, grow and create jobs.

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UK business set to benefit from simpler and cheaper patent system for Europe

A single European patent looks ever more likely as ministers reached important agreements on the detail of a unitary patent at the Competitiveness Council in Luxembourg today.

For the first time in 60 years, ministers have agreed on the languages regime for the patent – the number of translations which applicants need to file to get their patent. This is a significant achievement for the UK, the Hungarian Presidency and the Commission. They also agreed on the technical details of the patent itself.

As a result it will be easier and cheaper to register patents, with far fewer translations required than at present. The availability of a single patent for the European market will be an incentive for innovation and will enhance the competitiveness of European businesses.

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Government launches next phase of Growth Review

The rural economy and medium sized businesses will be at the centre of the next stage of the Growth Review, the Government announced today, as it continues its focus on restoring the economy’s health.

Building on the radical programme of reforms set out in the first Plan for Growth, published at the Budget, the next stage of the review will focus on:

Infrastructure – considering how to eliminate barriers and encourage greater investment in UK infrastructure

  • Education and skills – looking across the whole of the education system from schools, FE colleges, universities and other training providers to consider how to maximise economic growth
  • Logistics – covering rail, road, shipping and air freight interests and cutting across the wholesale industry, looking at opportunities and barriers to growth as the logistics sector evolves in response to the increasing complexity and globalisation of supply chains
  • Mid-sized businesses – examining businesses that have expanded beyond the definition of SMEs, considering how to increase the number of firms that show significant growth at this level
  • Rural economy – scrutinizing the constraints, opportunities and risks impacting on economic growth in rural areas, and considering specific issues including labour market characteristics, to support the Government’s commitment to rebalancing the economy
  • Open data – investigating the potential growth benefits and risks of opening up access to public sector data assets
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Government publishes position paper on future EU funding for research and innovation

Funding for EU research and innovation from 2014: a UK perspective’ published today looks at the future role and shape of EU funding for research and innovation and sets out the following recommendations from the Government

  •  Research and innovation must play an increasingly vital role in promoting green growth in Europe and should continue to receive a high – and ideally increased – proportion of a future EU budget which is reprioritised to focus on sustainable growth and is smaller overall
  • The UK considers that future EU funding should be focussed on funding research programmes that demonstrate excellence and added-value
  • EU funding should address global challenges as well as developing new technologies.

 

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Support for British companies to compete on the global stage

Business Secretary Vince Cable, Foreign Secretary William Hague and Trade and Investment Minister Lord Green today launched a new cross-government focus on trade and investment to help the British economy grow.

 The UK Trade & Investment (UKTI) Strategy and the Foreign and Commonwealth Office (FCO) seven-point Charter demonstrate the Government’s dedication to supporting international business, championing UK business overseas and attracting investors to the country.

They form a core plank of the Government’s Plan for Growth, and recognise the fact that a new focus on business is needed if the UK is to remain economically competitive in the years to come.

The strategy will see UKTI adopt a more entrepreneurial approach to deliver growth. As part of this UKTI will actively seek out overseas investors, help UK companies expand into overseas markets and work more closely with key British companies. Examples of this approach include:

  • Establishing a new private sector delivery partner with the incentive to attract and retain high value investments.
  • Expanding the Global Entrepreneur Programme (GEP) to win more investment to the UK.
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