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" "TO HELP SECUREPRIVATE SECTOR INVESTMENT, WEARE PROVIDING UP TO £60 MILLION TO MEET THENEEDS OF OFFSHORE WIND INFRASTRUCTUREAT OUR PORTSutlining the Government's strategy forboosting growth and jobs, the UK PrimeMinister David Cameron promises a "neweconomic dynamism", where innovationsand green technology will flourish, supported by the Government's multimillion pound investmentsalready underway. All over the world, governments are identifyingdynamic sectors in their economy and workingstrategically to strengthen them. In America, PresidentObama is ramming home the advantage they alreadyenjoy in clean technology with US$38 billion ofinvestment. And Germany is building on the success oftheir car industry by investing ?500 million in electriccar technology. What they understand is that when you are looking forgrowth opportunities you do not stick a pin in a mapand drop down a research centre here or arbitrarilyback an industry there - you go with the grain of whatis already working. We understand that too. We have great industrialstrengths across our country, underpinned by world-beating companies. Green technologies in the NorthEast. Creative industries in London, Manchester andGlasgow. Financial services in Edinburgh. In retail,pharmaceuticals and advanced engineering. We havemade the strategic decision to get behind thesestrengths. You saw the evidence of that in ourSpending Review.Yes, money is incredibly tight. But we protected the science budget in cash terms. And we are also investing £220 million in a new world-class Centre for Medical Research and Innovation, £1 billion to create one of the world's first CarbonCapture and Storage demonstration plants, with three more projects to follow and £200 million in low-carbon technology, including offshore wind. Thepotential for Britain to lead in this industry is immense. We do not just have the wind, we have thefirst-class research capability and a wealth ofexperience across the aerospace, engineering andenergy sectors.But here is the problem. We need thousands of offshore turbines in the next decade and beyond - each one as tall as the Gherkin. Andmanufacturing these needs large factories which haveto be on the coast. Yet neither the factories nor theselarge port sites currently exist. And that,understandably, is putting off private investors. So weare stepping in. To help secure private sector investment in thistechnology, we are providing up to £60 million to meetthe needs of offshore wind infrastructure at our ports.And to help move things forward, the Crown Estate willalso work with interested ports and manufacturers torealise the potential of their sites. It is a triple win. It will help secure our energy supplies, protect our planet and the Carbon Trust saysit could create 70,000 jobs. And it is a cleardemonstration of the coalition's approach - alert tothose sectors that are strong but could be stronger,alive to the possibilities they promise and active aboutexploiting them. But potentially the most exciting part of our strategy forgrowth is to make it easier for new companies andinnovations to flourish. For well over a century, theshape of successful business remained largely thesame. Heavy investment in capital and raw materials.CREATING A NEW ECONOMIC DYNAMISM112G-20 MEMBERSDAVID CAMERON, PRIME MINISTER, UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELANDO

G-20 MEMBERS113Goods developed, mass-produced and then shippedaround the world. Organisations growing slowly andcoming to dominate markets for years to come.But in recent decades, that pattern has been blownapart. There has been a surge in new, young, high-growth, highly innovative firms. It was not long ago that Apple, Cisco and Google didn't even exist - now each one has a market value of over US$100 billion. Skype, Facebook and Twitter have generated billions of dollars and reached a global scale more quickly and with lesscapital than any companies before. And the mostinnovative firms are growing twice as fast, both interms of employment and sales, than those that fail to innovate. The impact this change is having on our economiclandscape is unprecedented. In 1950, the average lifeof a company in the S&P index was forty-seven years.By 2020, it will fall to just ten years. And today, many more of our jobs are dependent onnew, young and dynamic businesses. It is astonishingto think that between 1980-2005, nearly all net jobcreation in the United States occurred in firms lessthan five years old.And here in Britain, just six per cent of UK businesses are high-growth but they generated overhalf of the net employment growth between 2005 and 2008. All this has massive policy implications for government. To build that new dynamism in our economy, to createthe growth, jobs and opportunities Britain needs wehave got to back the big businesses of tomorrow, notjust the big businesses of today.That means opening up access to finance, creating anattractive environment for venture capital funding,getting banks lending to small businesses again andinsisting that a far greater proportion of governmentprocurement budgets are spent with small andmedium-sized firms. And in the days and monthsahead we will be setting out our plans in all these areas.But today I want to focus on two elements of ourapproach in particular. One is helping to bridge the gapbetween innovation and commercial success.The factis that we are not as good as some of our competitors inturning great ideas on the drawing board intoprototypes in a laboratory and actual goods andservices people can buy. That is why I can announce today that we will investover £200 million in Technology and InnovationCentres over the next four years. These centres will sitbetween universities and businesses, bringing the twotogether. They will not just carry out their own in-houseresearch, they will spread knowledge too connectingbusinesses - large and small, new and old - topotential new technologies, making them aware offunding streams and providing access to skills and equipment.It is the sort of thing you see in Orgreave, where theUniversity of Sheffield, Rolls Royce and Boeing are allworking together or in Germany, where their FraunhoferInstitutes have been crucial in developing the MP3 licence. These centres will be great for research, great forbusiness - and they are going to put Britain back at thetop table for innovation. nThe above article is extracted from a speech "Creating a New Economic Dynamism" the Prime Minister David Cameron delivered at theConfederation of British Industry's annual conference in London on 25 October 2010.