£1 billion growth fund reaches out for new trade jobs

Deputy Prime Minister Nick Cleg has announced an investment of £1 billion under the Regional Growth Fund which will kick-start 130 projects across England.

The Government has estimated that today’s latest round of spending could create 240,000 jobs, many of those in the building construction industry.

The fund will help manufacturing firms, small businesses and local partnerships to expand their operations, create new jobs and stimulate economic growth.

Deputy prime minister Nick Clegg said: “This £1 billion boost for growth in towns and cities across England is creating jobs that will last in the parts of the country that need it most.

“In tough economic times the Regional Growth Fund is good value for taxpayers’ money – this £1 billion round of the fund is pulling in £6 billion of private sector investment.”

CBI chief policy director Katja Hall said: “The Regional Growth Fund is helping to meet businesses’ needs for growth capital up and down the country, enabling the successful companies to get projects off the ground.”

Commenting on the new initiative, business minister Michael Fallon, said that this is a significant investment which will help different sectors and provide strong economic boost for businesses across the country.

Mr Fallon said: “The selection process has been very fast – from companies applying to allocating funds in only five months.

“So we are keen to get a move on which is why this time, those selected have now only three months to agree final offers, and three months to complete due diligence. We want to ensure good value for the taxpayer and to get these projects started as soon as possible.”

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