Feeds

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

Govt-backed bank may pump bioscience, tech sectors

The Power of One Brief: Top reasons to choose HP BladeSystem

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. ®

Reducing security risks from open source software

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
prev story

Whitepapers

Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
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.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.