Feeds

Cable offers to shower UK biz in taxpayer gold to stimulate growth

Govt-backed bank may pump bioscience, tech sectors

Build a business case: developing custom apps

Blighty's Business Secretary Vince Cable pulled back the curtains on his new biz investment bank this morning.

While outlining plans for the state-backed pile 'o public cash, which would provide capital to companies, the Liberal Democrat minister efforts so far to kickstart the economy were laissez-faire - and said his bank dream marked the start of orderly long-term investment in the private sector.

"Government makes decisions every day that affect the British economy, but has for too long done this in an ad hoc way", said Cable, speaking at Imperial College in London. "Government needs to be more like business, by making strategic plans and sticking to them."

The good news for the science, engineering and technology sectors is that Cable wants them to get a lot of the cash. In addition to the pool of capital available, the Business Secretary wants to pump extra investment into areas including "advanced manufacturing, knowledge-intensive traded industries, and the enabling industries".

British biotech companies received a special boost with the promise of a new Innovation and Knowledge centre in synthetic biology, adding to the £180m already available to boffins who want to turn their life-sciences research into commercial products. And there will be two prizes set up to reward bright ideas in the field of energy efficiency.

Cable also announced a separate £165m pot of money to teach workers new skills in a scheme called the Employer Ownership Pilot. The first round of £67m will go to 34 companies including Siemens, BAE and power plant construction firm Doosan.

BAE and Siemens got a particular mention for drawing up training that would benefit employees further down in their supply chains as well as those directly on their own payrolls.

The biz sec said:

On a recent fact-finding trip to Germany I saw first hand how forward-thinking companies were enjoying the benefits of training their supply chain companies, so I am particularly excited that we have received a number of bids to do the same in the UK.

A second round of funding will be handed out in October. A project involving Network Rail, BAE and Rolls-Royce will address the increasing demand for engineering skills, while also aiming to double the number of female apprentices. ®

Build a business case: developing custom apps

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.