By Denna Bowman
Pirelli Tyres has been singled out for praise by the Deputy Prime Minister as the Government announces the launch of an extra £1 billion fund to help businesses seeking support to create new jobs.
The Carlisle tyres plant was highlighted by Nick Clegg as one of the companies to have already benefited from the Regional Growth Fund, which has now been boosted to £2.4 billion.
Mr Clegg confirmed that Pirelli is one of the 48 successful firms from the first two rounds of the fund which have completed their legal checks and have access to the Government fund which leverages private sector investment, with at least £5 put in for every £1 of public money.
“The Regional Growth Fund is already having a huge impact across the UK,” he said.
“So far there have been over 170 successful bids to the fund, leveraging around £7.5 billion of private sector investment and set to create and protect 330,000 jobs. I want to see more businesses that are confident they can create jobs and get Britain building and making things again, coming forward — making sure their hats are in the ring.
“Funding from rounds one and two has gone to some extraordinarily promising manufacturing projects. From Pirelli Tyres in Carlisle who’ll use the money to develop a new range of carbon-cutting tyres; to a Portsmouth based company which hopes to use theirs to create a cutting edge boat building college.
“These are the kinds of projects that will lead their communities into brighter times, helping put industry at the heart of the UK’s economy. Businesses have until June to apply for a share of this extra £1 billion.”