Mark Garnier MP has welcomed the draft map released today proposing areas of the UK eligible to receive regional aid.
It has been announced that Aggborough and Spennells, Blakedown and Chaddesley and Oldington and Foley Park have been added to the proposed Assisted Areas Map.
Under EU legislation, regional aid may be granted to undertakings, typically businesses, within Assisted Areas. Regional aid is typically offered as capital investment for businesses in less prosperous local economies. Programmes that offer regional aid include the Regional Growth Fund (RGF) and the Advanced Manufacturing Supply Chain Initiative (AMSCI). The draft map is now subject for consultation and a final map will be submitted to the European Commission for approval in March 2014.
Mark Garnier MP said “It is really positive news that the Aggborough and Spennells, Blakedown and Chaddesley and Oldington and Foley Park areas of our constituency have been added to the proposed Assisted Area’s map.
This could be potentially very beneficial to businesses in Wyre Forest and could be a huge boost for our local economy. It has the potential for job creation and will be extremely beneficial for less economically affluent areas of the Wyre Forest economy. This could also help to raise the relatively low wage level that we currently have locally.
I would urge local businesses or any undertaking who could benefit from this locally to respond to the consultation by visiting the website https://www.gov.uk/government/consultations/assisted-areas-map-2014-to-2020-stage-2
Business Minister Michael Fallon said:
“We are seeking views to ensure that the map is fair, and support is particularly targeted where it can drive growth. Key factories and sites ripe for development in areas where investment is most needed have been prioritised.
“Much of the support the Government offers to business does not rely on regional aid, but we have identified areas where it can potentially be enormously beneficial to businesses looking to invest in new premises or machinery.”