The National Wealth Fund will provide £200 million of investment
to new opportunities in Grangemouth as part of a major
intervention to ensure the long-term future of the industrial
site, the Prime Minister announced today [Sunday 23 February].
The funding will be available for co-investment with the private
sector to help unlock Grangemouth's full potential and secure our
clean energy future.
The UK Government is also providing a ‘training guarantee' for
all Grangemouth refinery staff to ensure that any worker who
would like skills training at the local college is supported,
with funding provided by the UK Government - this will help
workers into new, good jobs with local employers.
Prime Minister said:
“My government has already taken decisive action to protect
good British jobs in industries that are vital for our economic
security: saving Harland and Wolff, investing in the future of
Hitachi in North-East England, a new plan for an electric arc
furnace at Port Talbot – secured this week.
“We will grasp the opportunities at Grangemouth, work alongside
partners to develop viable proposals and team up with
business to get new industries off the ground.
“And to attract private investment into the partnership
we need we will allocate £200 million from
the National Wealth Fund for investment in Grangemouth
- an investment in Scotland's industrial future.”
The announcement comes on top of existing investments
from the UK Government, in partnership with the Scottish
Government, to ensure the long-term economic future of
the area. These investments are a strong commitment to people in
the central belt, and include:
-
The £100 million Falkirk and Grangemouth Growth
Deal, delivered jointly with the Scottish
Government, to support the community and its workers by
investing in local energy projects to create new
opportunities for growth in the region.
-
Joined-up support from DWP and DESNZ to
provide tailored career and skills support
for refinery workers to assist in finding new
employment.
-
The £1.5 million Project Willow feasibility
study, jointly funded with the Scottish
Government, to identify credible long-term industrial
options for the Grangemouth site.
The Prime Minister has also reiterated the UK Government's
commitment to working in partnership with the Scottish Government
to identify a viable, low carbon industrial future for the
Grangemouth site.
Energy Secretary said:
“We have always said that we will leave no stone unturned in
seeking a sustainable industrial future for Grangemouth and its
workers.
“Alongside our ongoing support for affected workers, this
investment will help unlock the site's long-term potential, with
the backing of the private sector. This will create good jobs in
vital new industries and drive growth and investment in the local
community as part of our Plan for Change.”
Scottish Secretary said:
“The UK Government has been working at speed to ensure a
long-term future for Grangemouth and the National Wealth Fund
allocation announced today demonstrates our commitment to
this.
“We remain committed to working closely with the Scottish
Government and other partners to support the refinery workers and
ensure the long-term future of this site.”
Project Willow, the co-funded initiative which is examining the
green-energy future of the industrial site, is expected to
produce its report in the spring.
ENDS
Notes to editors:
Any National Wealth Fund investment will be subject to investible
propositions and the Fund's criteria – the proposition must
deliver a positive return, drive regional and economic growth or
support activity to tackle climate change, invest in key sectors,
and crowd in private finance.
