Government adds £1bn to Regional Growth Fund

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The UK government has announced an extra £1bn for its Regional Growth Fund, taking the total investment to £2.4bn. The money will be available to businesses and public/private partnerships that are planning to create jobs.

Deputy Prime Minister Nick Clegg, who made the announcement, said: “The fund is already having a huge impact across the UK. So far there have been over 170 successful bids to the fund, leveraging around £7.5bn of private sector investment and set to create and protect 330,000 jobs.

“Funding from rounds one and two has gone to some extraordinarily promising manufacturing projects. From Pirelli Tyres in Carlisle who’ll use the money to develop a new range of carbon-cutting tyres; to a Portsmouth based company which hopes to use theirs to create a cutting edge boat building college,” he explained.

“These are the kinds of projects that will lead their communities into brighter times, helping put industry at the heart of the UK’s economy. Businesses have until June to apply for a share of this extra £1bn.”