The Deputy Prime Minister Nick Clegg is today (Thursday 12 February) awarding £21.9 million of extra funding from the Regional Growth Fund to help companies in the region to flourish.
Since the Deputy Prime Minister launched the fund in 2010, a total of £320 million has now been invested in 94 projects across the North East, which will create or safeguard around 84,000 local jobs and attract around £2.1 billion of further investment from the private sector.
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.”
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.
Business Secretary Vince Cable will visit automotive specialist Brose in Coventry today, a successful bidder in Round 6. He said:
“We have invested more than £1.1 billion in British manufacturing businesses outside London to grow and create jobs in sectors spanning aerospace, automotive, low-carbon and chemicals.
“Today’s investment supporting businesses like Brose will boost British manufacturing, exports, and opportunities to innovate, impacting companies positively for a decade and beyond.”
Universities, Science and Cities Minister Greg Clark added:
“The Government is supporting local businesses and enterprise across the country, helping them to expand and create long-term, skilled jobs.
“This latest round of RGF investments will help local firms fulfill their ambitions for growth, encourage businesses to set up bases in the UK and boost jobs and prosperity.”
