The National Wealth Fund will provide £200 million of investment to new opportunities in Grangemouth as part of a major intervention to ensure the long-term future of the industrial site, the Prime Minister has announced.
The funding will be available for co-investment with the private sector to help unlock Grangemouth’s full potential and secure our clean energy future.
The UK Government is also providing a ‘training guarantee’ for all Grangemouth refinery staff to ensure that any worker who would like skills training at the local college is supported, with funding provided by the UK Government - this will help workers into new, good jobs with local employers.
Prime Minister Keir Starmer said: “My government has already taken decisive action to protect good British jobs in industries that are vital for our economic security: saving Harland and Wolff, investing in the future of Hitachi in North-East England, a new plan for an electric arc furnace at Port Talbot – secured this week.
“We will grasp the opportunities at Grangemouth, work alongside partners to develop viable proposals and team up with business to get new industries off the ground.
“And to attract private investment into the partnership we need we will allocate £200 million from the National Wealth Fund for investment in Grangemouth - an investment in Scotland’s industrial future.”
The announcement comes on top of existing investments from the UK Government, in partnership with the Scottish Government, to ensure the long-term economic future of the area. These investments are a strong commitment to people in the central belt, and include:
- The £100 million Falkirk and Grangemouth Growth Deal, delivered jointly with the Scottish Government, to support the community and its workers by investing in local energy projects to create new opportunities for growth in the region.
- Joined-up support from DWP and DESNZ to provide tailored career and skills support for refinery workers to assist in finding new employment.
- The £1.5 million Project Willow feasibility study, jointly funded with the Scottish Government, to identify credible long-term industrial options for the Grangemouth site.
The Prime Minister has also reiterated the UK Government’s commitment to working in partnership with the Scottish Government to identify a viable, low carbon industrial future for the Grangemouth site.
Energy Secretary Ed Miliband said: “We have always said that we will leave no stone unturned in seeking a sustainable industrial future for Grangemouth and its workers.
“Alongside our ongoing support for affected workers, this investment will help unlock the site’s long-term potential, with the backing of the private sector. This will create good jobs in vital new industries and drive growth and investment in the local community as part of our Plan for Change.”
Scottish Secretary Ian Murray said: “The UK Government has been working at speed to ensure a long-term future for Grangemouth and the National Wealth Fund allocation announced today demonstrates our commitment to this.
“We remain committed to working closely with the Scottish Government and other partners to support the refinery workers and ensure the long-term future of this site.”
Project Willow, the co-funded initiative which is examining the green-energy future of the industrial site, is expected to produce its report in the spring.
