£1 billion is to be spent on developing a new generation of car engines aimed at improving fuel efficiency and reducing carbon emissions.
Business Secretary Vince Cable is at Ford's research centre at Basildon in Essex today to announce joint government and industry funding for the work. It's expected the project could secure 30,000 UK jobs linked to producing engines.
The Business Secretary Vince Cable will continue his visit to Norfolk today. He's due to visit the Lotus car factory near Norwich where he's expected to announce a deal to provide the Malaysian owned company with 10 million pounds from the Regional Growth Fund.
He'll also be taking a helicopter tour of the East of England to see the region's nuclear, wind and gas production facilities.
The Business Secretary Vince Cable has been in Cambridge this morning as part of the city's Business Week.
During his tour he visited the University Computer Laboratory, which is one of the oldest in the world and is celebrating its 75th anniversary. It produced the first computer to do real work, the first computer science course and the first computer science textbook.
The Business Secretary Vince Cable has been in Cambridge to meet business leaders. During the visit Mr Cable has been celebrating Cambridge's success in industry, technology and manufacturing. He's announced a new partnership with UK banks designed to help small businesses.