Thousands of jobs will be created in and around Rugby thanks to a £25 million grant to help reinvigorate the town’s historic engineering industry.
It’s projected that in just over ten years time, 15,000 extra jobs will be created in Rugby and Coventry, 8,800 of them specifically in engineering and manufacturing – areas in which the town has traditionally been strong.
And according to borough council leader Cllr Craig Humphrey, Rugby stands to benefit significantly.
He said: “Businesses in and around Rugby in particular have a lot to gain from what will be on offer.
“The expert engineering and manufacturing knowledge in Rugby, combined with the opportunities the deal will unlock, will mean businesses in Rugby will be better able to compete with other manufacturing bases in the UK such as those in Manchester and the North East.”
The money is a result of the Government awarding Coventry and Warwickshire a ‘City Deal’. The plan involves making it much easier to expand a business, with a new service being created to bring together experts in a range of fields. The Government believes it will unlock £64 million-worth of private investment in the region and help re-ignite Rugby’s advanced manufacturing and engineering industries.
A ‘clearing house’ will be set up in Coventry in the next few months, bringing together business experts, councils’ planning departments, legal and financial specialists and many others under one roof. It is designed to help 450 of the area’s engineering firms to expand.
Rugby Borough Council will also benefit from the region’s other local authorities agreeing to share the boost in business rates to ensure they can all consistently benefit from the extra income.
Cllr Humphrey added: “The advice will be given free of charge and hugely increase access to finance, access to information on things like exporting, expanding premises, building new sites, training and taking on apprentices.”
The deal was clinched last week by Coventry and Warwickshire Local Enterprise Partnership.