Sheffield Forgemasters gets state aid after all

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A topic from News & Current Affairs: Business

laresMon 31/10/11 22:39		"Up to 50 jobs are to be created at Sheffield Forgemasters in Nick Clegg's Sheffield Hallam constituency after the company received £36m to replace the £80m loan cancelled 16 months ago in the government's first spending cuts. The loan was among investments announced by ministers as the government named 119 successful bidders for the second round of the £1.4bn regional growth fund. The deputy prime minister, has been the target of intense criticism in Sheffield over the original loan cancellation. The money will be used to purchase machinery and equipment to expand the business, the steel firm said. Clegg denied the policy represented a U-turn, saying: "Last year we came into Government and the outgoing Labour government wrote a little note – the Chief Secretary to the Treasury – saying there is no money." The original £80m loan had been intended to build large parts for nuclear power stations. The Liberal Democrat leader said: "For every £1 that will be invested from the regional growth fund, we estimate £6 will be matched from the private sector." It emerged that one reason for the slow progress towards handing out cash for the first round bids was because companies have to hire and pay for private consultants to undertake due dilligence on their bids. Previously, the government's regional development agencies, now abolished, undertook due diligence at taxpayers' expense." http://1sq.me/uoMp24 Pathetic. No wonder the economy is going around in terminal circles with the ConDems circling around Labour policies from 2010.
#65169Mon 31/10/11 22:41		U turn,for nick clegg to save his own seat.
#65169Mon 31/10/11 22:41		U turn,for nick clegg to save his own seat.
markonseaMon 31/10/11 23:26		quickfind:lares > Nasty Nick > "For every £1 that will be invested from the regional growth fund, we estimate £6 will be matched from the private sector." He's swallowed Cameronism hook, line and sunk without trace, hasn't he? The only raison d'être of the private sector is to put up money to create jobs. I don't think so.
laresMon 31/10/11 23:27		I wonder how much better off Forgemasters would be right now had they not been put into funding purgatory for 18 months.

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