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Chancellor visits Rowley Regis to see manufacturing success story
12:51pm Tuesday 25th March 2014 in News
THE Chancellor of the Echequer George Osborne MP visited Rowley Regis this week to see precision engineering in action.
Mr Osborne visited Cube Precision Engineering Ltd, Cakemore Road, praising the company's success and even got his hands on "a lovely piece of machinery."
The Chancellor is hoping a raft of pro-business measures help boost the West Midlands manufacturing sector and economy.
He told the News: "This is a really impressive business with a dedicated workforce and I was delighted to see how much they export to Germany. "As a country Britain made a mistake under my predecessors which put all our bets on the city of London and the South East.
"We need the Black Country and the West Midlands to be the home of making things and of businesses expanding and taking people on."
Cube Precision Engineering now employs 37 staff after starting with six employees in 2009 and benefited from the Government’s UK Export Finance (UKEF) which provided bank loan guarantees to support exports.
Mr Osborne added: "Every single one of the these jobs here is peace of mind for a family and anything we can do to help businesses like this expand and be successful."
The chancellor toured the factory and used a machine which makes parts for aeroplanes and cars including the Eurofighter and Rolls Royce cars.
He said: "It was a lovely piece of machineery and I come away from here excited that jobs are being created.
"I was talking to the workforce and it is important we get kids in schools to understand the exciting things happening in manufacturing." He added: ""I was invited here by Halesowen and Rowley Regis MP James Morris who is a champion of manufacturing, we need an alliance of MPs who care about manufacturing and a Government willing to help businesses grow."
CPE owner Neil Clifton, 36, gave the Chancellor a tour of his factory and discussed what impact the budget had on his business.
He said: "UKEF is directly responsible for more than £1,000,000 of our export revenue in 2013 and changes announced in the budget will now help us to access more affordable lending to grow our exports.
"The doubling of the capital allowances helped us decide to set up a new state of the art £325,000 machining centre and this additional capacity will be a welcome relief for our customers as demand is currently outstripping supply in the sector."
James Morris MP, who accompanied Mr Osborne around the factory, said: "When the Chancellor said that he wanted to help ‘makers and doers’ in last week’s Budget, CPE was exactly the kind of local firm he was talking about.
"Thanks to a growing economy, and help from the Government’s new Regional Growth Fund, Cube have already been able to invest in new machinery, take on more workers and grow.
"Since George Osborne doubled the Investment Allowance last week, Cube have already ordered another machine that will allow them to employ more engineers, place more orders with local suppliers and help drive our local economy forward."
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