Nick Clegg awards additional £300m to fund local business growth
Regional Growth Fund estimated to have been responsible for the creation of 100,000 new jobs with total investment of £2.85bn
The deputy prime minister is awarding almost £300m of extra funding to help regional businesses grow, bringing the total investment to £2.85bn.
This is the sixth round of the Regional Growth Fund, which was launched by Clegg in 2010 to help local businesses expand and recruit more staff.
It will be awarding 63 new projects and business across England with a further £297m and it’s expected that the funding will fuel business expansion and unlock £1.5bn of additoinal private sector investment and create or safeguard “thousands” of jobs.
Every £1 invested by the Regional Growth Fund is met by a further £5.50 from the private sector, meaning the total investment could attract £16bn of private sector support. More than 100,000 jobs have already been created, and a further 480,000 expected by the mid 2020’s.
Clegg commented: “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.”