Regional Growth Fund
Debate between Richard Burden and David Tredinnick(13 years, 1 month ago)
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David Tredinnick (Bosworth) (Con)
I congratulate the hon. Member for Penistone and Stocksbridge (Angela Smith) on securing the debate. I have listened to her complaints about Government strategy, but I will not dwell on those, because I am sure that the Minister, who was making notes, will have a few things to say about that.
I want to address the issue of the regional growth fund and explain why it has been fundamentally important to my Leicestershire constituency, which sits on the boundary of the east and the west midlands. The Government’s decision yesterday to grant regional growth fund second round support to the MIRA technology park will make a huge difference not just in my constituency—my hon. Friend the Member for Nuneaton (Mr Jones) nods his head—but right across the midlands, because it will impact on some of the areas with the greatest problems.
The new MIRA technology park, which desperately needed regional growth fund status, was approved by Her Majesty’s Government in August. This new technology park will attract up to £300 million—perhaps more—in private investment. It is also likely to create and be responsible for up to 5,000 sustainable jobs. We can argue about the numbers—it depends on the catchment area—but it is a massive boost to industry in the heart of England. I represent the heart of England where the Fosse way crosses Watling street. We expect 200 jobs to be in place by 2013, largely based in a 43,000 square metre state-of-the art engineering centre, and a 155,000 square metre research and development facility, which will incorporate a new technology park.
Richard Burden (Birmingham, Northfield) (Lab)
I agree with the hon. Gentleman about the importance of MIRA. I congratulate it on being successful, with the promise of RGF money, as indeed Jaguar Land Rover was a little while ago. However, does he agree with my hon. Friend the Member for Penistone and Stocksbridge (Angela Smith), who said in opening the debate that the promise of money is not much use unless it is actually delivered in practice? The Government need to think about how they can deliver RGF money rather than just make promises.
David Tredinnick
I understand that the hon. Gentleman speaks on behalf of his motor manufacturing constituency. Obviously, there is demand for more regional growth fund support. Where we are now with the RGF is very helpful, and it is successful for reasons that I will develop.