Secretary of State for Business and Trade Peter Kyle has announced a package that will get growth rising across our country and raise living standards in the process by slashing red tape, providing stability, and putting in the investment that our businesses need.
This growth package includes:
- The British Business Bank making its largest ever direct investment into a private company, Kraken Technologies, so it can scale-up and create jobs and prosperity here in Britain.
- A landmark investment of £100m in key Industrial Strategy sectors.
- Measures to dramatically simplify business regulation, including removing unnecessary paperwork and streamlining compliance checks for businesses, part of this Government’s plan to slash administrative costs by 25%
- These actions will get growth rising, to create an economy that can deliver prosperity for all.
Commenting, Stephen Morgan, MP for Portsmouth South, said:
“Under the Conservative government, this city’s entrepreneurs were left unsupported whilst all workers and businesses faced the historic instability that was caused.
“This Government’s new growth package is slashing red tape, providing stability, and putting in the investment that our local businesses need.
“I am proud to see the action being taken by Labour to get growth rising in Portsmouth and drive pay rises for local people, bring down NHS waiting lists and deliver better roads and public transport in our city.”
Secretary of State for Business and Trade Peter Kyle said:
“For too long, Britain’s most promising companies have had to look abroad for the backing they need to grow. Scale-ups that should have become homegrown champions struggle against a system that is too slow and too fragmented. This package changes that.
“We are placing big bets on the industries where Britain can win, backing our innovators with real firepower, and cutting the red tape that holds them back. This is what decisive government looks like – creating an economy that can grow and deliver prosperity for all.”
