Chancellor visits UK crane manufacturer
1 min read
Chancellor George Osborne visited the factory of UK crane manufacturing business Street Crane last Friday (13 July), which has seen exports soar to 70% of its £25 million turnover. The chancellor said the manufacturer was precisely the type of business that should benefit from the government's funding for lending scheme, announced the same day.
George Osborne toured the plant in Chapel-en-le-Frith, meeting directors and the workforce. Most of the exported products are crane kits, hoists and controls, which are shipped to international partners, many of which are also crane makers. Street Crane's success means it is about to build a new 20,000 sq ft factory to enable it to double hoist production.
During his visit, the chancellor discussed the finance scheme whereby the Bank of England makes low-interest funding available to the banks – on the condition that they, in turn, lend the money directly to individuals and businesses. "The end result is that firms like this could see a cheaper loan so they can expand and take on more people," he said.
Street Crane chairman Martin Street said: "Many UK engineering businesses are finding it difficult to raise funds for capital investment in equipment. Let's hope that this scheme makes it easier for these companies to invest in new cranes and we can then see a revival of the fortunes of our UK crane sales and the manufacturing sector generally."
Pictured: chancellor George Osborne with the Street Crane senior management team
