Member Article

Deputy Prime Minister gives £50 million boost for local companies in the North West

The Deputy Prime Minister is awarding £50.4 million of extra funding from the Regional Growth Fund to help companies in the North West to flourish.

Since Nick Clegg launched the fund in 2010, a total of £430 million has now been invested in 89 projects across the North West, which will create or safeguard around 117,000 local jobs and attract around £2.5 billion of further investment from the private sector.

For every £1 the Government has invested through the Fund, the private sector has put in £5.50, meaning the total investment is now expected to attract £16 billion of private sector support across the country.

Ministers will be visiting RGF projects across England today to see how the Fund is helping to rebalance the economy.

Deputy Prime Minister Nick Clegg said: “After decades of regional economies being neglected, I set about investing directly in local businesses via the Regional Growth Fund.

“This investment has allowed regional businesses to be more ambitious than ever before and gone a long way in creating a stronger economy.

“A stronger economy means providing equal opportunity for everyone across the UK, rather than solely relying on the city of London to bolster UK business.

“The success of the RGF is proof that putting money in the hands of local businesses helps them flourish, and creates opportunities for more people to work locally.”

This was posted in Bdaily's Members' News section by Sophia Taha .