IT sector to share £30 million funding

15:30 3rd December 2008

Business secretary Peter Mandelson announced on Monday (December 1st) that the Department for Business, Enterprise and Regulatory Reform would be making £30 million available to small technology companies.

The government is hoping the funding will ensure the survival of SMEs, particularly with the current economic malaise causing a depression in all industry sectors.

Information technology has been identified as an area eligible for investment in recognition of the vital role IT professionals continue to play in maintaining the UK's reputation as a centre for IT innovation.

Peter Mandelson commented: "It is crucial small and medium sized firms looking to invest in and grow their businesses are able to access the finance they need."

He added that the government was committed to safeguarding jobs and breathing new life in the information technology sector during the economic downturn.

City & Guilds announced in November that a lack of IT skills among the UK workforce was damaging the country's economy.