Low carbon and science projects to keep funding, but cuts also confirmed
Business Secretary Vince Cable today confirmed continuing government support for multi million pound investments to secure low carbon and science projects in the UK.
This followed a Treasury review of significant projects announced since January to check they were affordable, value for money and that they fitted in with the priorities of the new, coalition government.
The government has said it will continue with BIS projects for:
* Bristol and Bath Science Park - £2.6m
* International Space Innovation Centre in Harwell - £12m
* Discovery Research Ship - £75m
* National Renewable Energy Centre (NAREC) Offshore Wind Blade Test Site, Blyth - £11.5m
* NAREC Offshore Wind Turbine Test Site - £18.5m
* Offshore Wind Demonstration and Development - £12.4m
* Offshore Wind, Mitsubishi Collaborative R&D to support Mitsubishi and partners - £30m
* Support for the Post Office Network - £180m
However, funding is to be halted for two previously announced projects Sheffield Forgemasters. The £80m loan to Forgemasters was to have funded a new 15,000 tonne press to facilitate the supply of specialist components for nuclear power stations.
Funding was also pulled for the Regional Development Agency Yorkshire Forward's planned development of the Outokumpu site in Sheffield into an industrial park.
?In the economic climate that we find ourselves in, some of the commitments previously made by the government can now no longer go ahead,? said Vince Cable.
?This is why it is so important that there is support for skills, science and entrepreneurship through more apprenticeships, spending on gold standard science research and slashing burdensome red tape.
All of the projects that have not met the criteria will now be wound up or the government has said it will seek alternative ways to ensure that they go ahead.
Added the 17 June 2010 in category Innovation News