Ruth Mitchell

Deputy PM pledges £950m to boost the economy

The Deputy Prime Minister will today announce plans to invest £950 million in the economy to create and safeguard more than 200,000 jobs.

The second round of the Regional Growth Fund will support 119 bids from businesses and local partnerships with projects to expand their operations, create new jobs, and attract further investment.

Nick Clegg believes the fund will unlock private sector investment, with at least £5 put in for every £1 of public money.

He commented: “I am delighted to be able to announce this boost to business, which will jump start growth and create jobs in the places that really need it.

“This targeted support for businesses across the country allows them to expand and create jobs.”

Of the 201,000 jobs to be created or protected, 37,000 will come directly from Regional Growth Fund support, while a further 164,000 will be in the supply chain.

The money will now help businesses to drive local growth, and the government investment will be supported by nearly £6 billion of private investment secured by successful projects.

The Business Secretary Vince Cable added: “We need to be doing all we can to enable businesses and organisations to create much needed jobs and inject private investment into the economy.

“This is a very significant boost to local communities, and the Regional Growth Fund will help businesses to drive local growth.”

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