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EEDA at frontline of support for businesses for future economic growth
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EEDA at frontline of support for businesses for future economic growth
9 December 2009
In response to the Pre Budget Report Richard Ellis, chair of the East of England Development Agency (EEDA), said:
"As a business-led organisation we've been working hard with companies in the East of England and government to make the case for extra help for small businesses.
“We welcome the focus on small businesses especially a new Growth Capital Fund and an extension of the Enterprise Finance Guarantee Scheme, promising a further £500 million of support to small and medium-sized enterprises (SMEs).
“This extra support in the Pre Budget Report (PBR) will help more of our ambitious companies to start up, grow or take advantage of export opportunities and help us achieve our aim of improving the economy of the East of England.
“EEDA already supports over 100,000 businesses every year with £30 million of business support, skills and innovation funding. We have increased our support during these tough times through comprehensive programmes of tailored support such as the Manufacturing Advisory Service for the East of England, helping businesses access finance and Resource Efficiency East.
“We know from hard experience that more businesses fail coming out of, rather than going into recession and we play a vital role in continuing to support business as the economy recovers. This is why we urge businesses to get help sooner rather than later.
“Although the Chancellor did not introduce our proposal to suspend empty property taxes on new speculative development, he did respond to the concerns we raised by increasing the threshold at which a property is liable to these rates to £18,000 and giving an extension to the scheme covering 2010-11. This means that 70% of all empty properties will continue to be exempt.”
“It is good to hear the Chancellor talk about ideas and innovation – these are the region’s key strengths - so I welcome the extra funding for innovation for new industries such as bio sciences, digital, low carbon technologies and advanced manufacturing. Investment in future growth sectors and the skills base they will need is the key to our future economic success.
“This region is ahead of the pack with the region’s CleanTech industry forming nearly a tenth of the UK market and worth in excess of £10 billion. It is backed by links to world-class universities and research institutes, in low carbon related arenas, many of which are supported by EEDA.
“Through our major investments with partners in science parks at GSK in Stevenage, Colworth in Bedfordshire and Norwich Research Park for example we are maintaining the East of England’s world-leading expertise in areas such bioscience and life science.
“Tackling youth unemployment and training is a key issue, and we welcome the new measures to address this for the region and we are working hard to raise skills levels, building on our success at University Campus Suffolk, Peterborough and new investment in Harlow’s university hub.
“Our continued targeted investment in these future growth sectors will help ensure that businesses can attract the right people with the right skills to help companies make the most of global markets for their innovative products.
“EEDA has already undertaken extensive evaluation and re-prioritised its investments for the coming year, responding to local needs and we have successfully balanced support for businesses and communities.”
- Download full press release (DOC 183KB)
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