Embargoed until 00:01 17
March 2010 - Mandelson: New wave of private investment will renew economy
Business
Secretary Lord Mandelson today marked the first year of the
government's strategy to put Britain at the cutting edge
of new industrial development.
Launched one year ago, New Industry, New Jobs set out a new
approach to active government investment driving economic growth.
This strategy announced the government's intent to
support private sector investment in the development of key new
industries, especially in the infrastructure and skills they need
to meet future challenges and take advantage of new opportunities.
Lord Mandelson said:
"Over the next decade, Britain's economy is
going to need a new wave of private sector investment in long-term
business creation and job creation.
"This is about making the economy ready for a decade of
industrial and economic renewal in Britain. We will need new
industrial strengths and we will need to reinforce our position as
global leaders in innovative manufacturing and services.
"We are committed to a greener, smarter, even more
skilled Britain - one that generates more knowledge and is better
than anyone else at turning that knowledge into innovation and
economic growth.
"This means not just getting the economy growing again,
but asking and answering the big questions about how we are going
to pay our way in the world ten years from now - the scale of
investment we need from the private sector, in infrastructure and
skills, demands that stability and certainty."
Speaking today at the Institute of Mechanical Engineers, Lord
Mandelson will be joined by UK Commission for Employment and
Skills chief executive Chris Humphries, who announced
today's publication of the National Strategic Skills Audit.
UKCES' first ever audit of UK skills sets out current
trends and what skills will be needed in the coming years, helping
the government and employers plan for growth and ensuring
individuals have the right skills to support businesses.
The report recommends focussing support on economically valuable
skills in priority sectors; highlights the need for more
information for employers and government on where high-value job
opportunities will be in future; and calls for businesses to make
more use of high-level skills.
Lord Mandelson added:
"I am grateful to UKCES for this groundbreaking report.
This gives us the most detailed picture yet of the UK's
skills profile and future needs.
"Over the years it needs to develop into the most
powerful tool that business and industry have to communicate their
demand for the skills they need to government and to the education sector.
"We have already set out our commitment to supporting
growth in priority sectors and this Audit reinforces the crucial
nature of that work."
UKCES chief executive Chris Humphries CBE said:
"The National Strategic Skills Audit shows that there
have been some substantial changes in the labour market over the
past decade. In order to operate in this fast-changing environment
we need comprehensive market intelligence, showing us which are
the really key priorities for future investment.
"The National Strategic Skills Audit is the single best
source of that, and will help employers, individuals, and
education and training providers to make the best informed
decisions possible."
Today, as well as publication of the Skills Audit:
- Lord Mandelson and Business Minister Pat McFadden will visit
Sheffield Forgemasters to announce that a conditional offer of a
government loan has been made to the company which will see the
firm build the largest nuclear accredited steel press in Europe,
able to manufacture the largest components vital for civil nuclear
power stations.
- The government is publishing a prospectus inviting bids for the
Joint Investment Programme, to boost investment in skills in
priority sectors. The programme will see up to £50m government
investment in the next academic year, matching an equal
contribution from the private sector.
- Business Minister Ian Lucas will announce the preferred site
for a new National Composites Centre in Bristol, created with £16m
funding from the Department for Business and the South West
Regional Development Agency. More than 200 leading industry
researchers and academic experts will be based at the centre.
- A National Skills Academy for Power to boost energy industry
skills has been approved and is ready for launch, with £2.9m
investment from the government and £3.9m in cash and in kind
investment from EDF, E-On and other industry employers. Energy and
Climate Change Minister David Kidney will launch the Academy at
E-ON's Engineering Academy at Ratcliff on Soar.
- New National Skills Academies will be created, covering rail
engineering; logistics; green building services. And the existing
NSA for Process Industries will expand to create new academy hubs
for biotechnology and composites. These NSAs will benefit from a
combined total of over £12m government investment through the
Skills Funding Agency, matched by employers.
- The Learning and Skills Council (LSC) has approved a Tunnelling
and Underground Construction Academy in Ilford, London, to be run
by Crossrail. The new facility will receive £5m public funding and
will develop new courses and qualifications.
- Announcement today of two new Low Carbon Economic Areas, with
London chosen with the purpose of promoting energy efficient
buildings; and Yorkshire and the Humber becoming a Low Carbon
Economic Area for Carbon Capture and Storage.
- The Government's Chief Construction Adviser, Paul
Morrell, publishes the emerging findings from his ongoing review
into low carbon construction. To see the emerging findings, visit www.bis.gov.uk.
- The government announces that it will co-fund the delivery of
up to 1000 apprenticeships per year in the nuclear sector as
Cogent, the Sector Skills Council for the nuclear, chemical,
pharmaceuticals and oil & gas industries, outlines its
government commissioned nuclear skills report. The full report
will be published shortly.
- The Higher Education Funding Council for England is earmarking
£10m in 2010/11 to incentivise the teaching of science,
technology, engineering and maths (STEM) and other priority skills
at university. These incentives will be strengthened further from
2011/12 on advice from the Higher Education Funding Council and
business leaders.
- The government is today publishing a progress update - Fuelling
Potential - on the implementation of skills accounts and the adult
advancement and careers service. These services will play a key
role in helping individuals make the best informed decisions about
skills and careers drawing on labour market data.
Notes to Editors
1. The government will publish a one year update of New Industry,
New Jobs on Thursday 25 March.
2. Government and Sheffield Forgemasters International Limited
have reached a conditional agreement in principle whereby
Government will provide a £80m loan to the company for the
building of a 15,000 tonne press and finishing workshop. This will
be combined with private finance, including support from
Westinghouse. Completion of the deal will be subject to due
diligence and to state aid clearance with the European Commission
and satisfactory finalisation of funding arrangements with other
third parties.
3. Existing National Skills Academies cover industries including
Construction; Manufacturing; Nuclear; Enterprise; Retail; and IT.
4. For further information, see www.bis.gov.uk/skillsaudit.
5. The Department for Business, Innovation and Skills published
Skills for Growth - the National Skills Strategy in November 2009,
which sets out an ambitious vision for giving people and
businesses the skills they need to help drive economic growth. The
Government will create a modern class of technicians through a
dramatic expansion of advanced apprenticeships, creating 35,000
new places over the next two years. For further information, see:
http://www.bis.gov.uk/skillsforgrowth.
Contacts:
BIS Press Office
NDS.BIS@coi.gsi.gov.uk