UK: Deputy Prime Minister Supports Subsea Sector

Deputy Prime Minister Supports Subsea Sector

A new round of the Regional Growth Fund opens today as the Deputy Prime Minister Nick Clegg called on businesses across the country to bid for a share of the £300 million cash pot.

The Deputy Prime Minister praised ‘home grown and British-based businesses’ for their crucial role in Britain’s economic recovery.

So far £2.6 billion from the first four rounds of the Regional Growth Fund has supported over 400 projects and programmes, which will create and safeguard hundreds of thousands of jobs over the long-term and stimulate £14.7 billion of private sector investment.

Nick Clegg will visit DUCO and Responsive Engineering in Newcastle to see how money they have received from the Fund will help them open up new markets and create jobs in the local economy.

The Deputy Prime Minister will visit companies in Newcastle on Friday:

DUCO Ltd in Walker, Newcastle, is using its £3.6 million award cash to create 168 jobs and safeguard 191 posts and to expand its R&D facility and develop a new manufacturing plant which will produce enormous steel tube cables (called umbilicals in the industry) used to control and maintain subsea wells from offshore platforms or ships.

The Deputy Prime Minister said:

DUCO Ltd and Responsive Engineering are fine examples of how the Regional Growth Fund is helping local Newcastle companies grow stronger and give hundreds of people from the North East highly skilled jobs.

Press Release, October 11, 2013