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Thursday 17 August 2017
17 August 2017 - NEWS UPDATE
Business

Financial support package ahead of Hinkley C

The Government has agreed on a year-long financial package to stimulate growth in Somerset ahead of the construction of the Hinkley Point C nuclear plant.

Hinkley-PointC


As the largest engineering project in Europe, the construction of Hinkley Point C is also the UK’s largest inward investment project.

The Heart of the South West LEP anticipates the programme will be a once in a lifetime opportunity to boost the jobs and economic prosperity and generate thousands of training opportunities for local people.

The LEP has been working with its partners over many months to make sure the construction of the nuclear power station delivers maximum possible benefit to the people and businesses across the Heart of the South West.

These activities to be supported by the Hinkley Programme will be delivered in 2014-15 however the LEP also has projects in the pipeline for future years, which are also designed to maximise the economic opportunities presented by the construction of Hinkley.

The package of support for this financial year includes:
•    £150,000 to develop the Hinkley supply chain; 

•    £1,700,000 allocated through Bridgwater College to a consortium of education and skills providers for nuclear-related training projects; 

•    Around £225,000 from the Manufacturing Advisory Service;  

•    Support for the development of a Hinkley Point Training Agency;  

•    £200,000 from Job Centre Plus to provide employability support; 

•    Dedicated expert advice on housing, including the establishment of a Hinkley Enabling and Review Group within Homes and Communities Agency.

Steve Hindley, Chairman of the Heart of the South West LEP, said: “This is a huge opportunity for Somerset and the wider area, and this package of support will help us kick start our plans to make the most of the construction of Hinkley Point C.  We are already looking at ways to mobilise extra resources to make the most of the Government’s offer as Hinkley is a one of a handful of major projects which have the potential to transform our economic prospects.  I am really delighted that the programme of support has been finalised as it will help us as we continue our work to increase economic growth in the area.”

Councillor David Hall, Somerset County Council’s cabinet member for Business, Inward Investment and Policy, said: “We welcome the announcement of the Hinkley Programme for 2014/15.  The development of Hinkley Point C has great implications for the national and local economy and we have been keen to see early action to ensure that people and businesses in Somerset and the wider Heart of the South West are well placed to benefit from the opportunities that this creates.”

 
Chris Langdon, Somerset Chambers of Commerce’s Hinkley Supply Chain Project Manager, said: “This support is very welcome at a critical time for local and regional suppliers actively seeking to secure contracts at Hinkley C. Even though the Hinkley C project still awaits the final green light there is a massive ramp up of demand from the supply chain to help identify relevant work package opportunities valued in the hundreds of millions and assess how best to offer local proposals of sufficient quality and value.

The £16bn Hinkley project will be Europe’s largest construction scheme and the UK’s largest inward investment project, employing 5,600 individuals at peak and involving around 1,000 suppliers over the lifetime of the project. 
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