The Government has confirmed it is giving more than £7m “nuts and bolts” funding to help transform a former Midland’s research base into a world class high-tech business hub.
Formerly a government-funded research centre, MIRA Technology Park in Hinkley was granted enterprise zone status in August, 2011. Since then it has evolved into one of Europe’s most advanced transport technology facilities, attracting overseas investment from several manufacturers.
George Gillespie is chief executive officer at MIRA and hopes the 1.75m sq ft complex will one day provide jobs for at least 2,500 people. “We are delighted to be receiving this funding, which will help us to create more jobs within the immediate area and allow us to continue to build on the success of the park,” he said.
“The funding will also enable us to continue to create a centre of excellence, maintaining our position as the heart of Europe’s automotive research and development community.”
So far MIRA has attracted a clutch of global tenants including Swedish brake manufacturer Haldex, Germany’s Bosch Engineering, aerospace contractors Lockheed Martin, and Ashok Leyland, the Indian car maker. Between them they employ 250 staff.
Announcing the £7.4m cash investment, Growth Minister Kris Hopkins said: “It will be fascinating to see MIRA, 60 years on, developing the kind of ground-breaking technology that is putting the UK at the forefront of automotive research and development.”
The investment is part of the Government’s long term economic plan to pump £23m into infrastructure schemes to help create jobs in Bristol, Manchester, Norfolk and the four counties which straddle the MIRA area: Leicestershire, Warwickshire, Staffordshire and Derbyshire.
The remaining part of a £550m support package, giving enterprise zones the chance to complete critical “nuts and bolts” infrastructure that will turn sites into attractive economic land, comes after last month’s scathing report from the Public Accounts Committee which suggested enterprise zones have so far only created about 10 per cent of the jobs the Government promised they would by 2015.
Equally scathing was the committee’s claim that only 10 per cent of the Government’s promised funding for enterprise zones had reached its target. In response, Whitehall figures claim that since their creation three years ago, the designated enterprise areas have created over 9,000 jobs, attracted over 300 businesses, and secured more than £1.2bn of private sector investment.
In a statement, the minister stressed: “Enterprise zones are showing that our long term economic plan to secure a better future is spreading businesses, jobs and skills training across the entire country.
“This latest cash investment will give four zones the raw ingredients to make their sites a stronger, more competitive business environment that will attract new jobs for hardworking local people,” added Hopkins.
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