AN AEROSTRUCTURES manufacturer in Hamble-Le-Rice has received a £2 million cash boost, creating or safeguarding 174 jobs.
In round five of the Government’s Regional Growth Fund, GE Aviation has received the money towards a new co-generation power plant and research and development into new manufacturing processes.
A total of £150 million has been allocated to South East projects, which is expected to create tens of thousands of jobs in the long term, and raise £1.1 billion of private sector investment.
Baroness Kramer visited the site to announce their award of £2 million, and said she was delighted to see the impact the funding can have.
“As a Government we have been striving to rebalance the economy and encourage economic growth across the country. This project in Southampton demonstrates the real, tangible jobs and growth delivered by the RGF.”
The Deputy Prime Minister, Nick Clegg, said: “We’re seeing very encouraging signs that the British economy is on the road to recovery. Home-grown and British based businesses are leading that charge for a stronger economy.
“The Regional Growth Fund gives businesses a helping hand from Government to fuel business expansion and create sustainable employment. I pay tribute to the ambitious companies who are using the RGF to create jobs locally, helping to build a stronger economy and doing it fairly.”