Clegg bangs the drum for enlarged RGF

DEPUTY Prime Minister Nick Clegg was visiting the North West today to bang the drum for the extended Regional Growth Fund.

A further £1bn boost to the RGF was announced by Chancellor George Osborne last week as the Government looks to boost growth in the private sector.

The enlarged Fund of £2.4bn is expected to support around half a million jobs in total.

Mr Clegg will announce that there will be at least two further rounds of bidding, with the next round opening during February 2012.

He will also confirm: the focus of the fund will remain on creating jobs, encouraging private investment and supporting areas dependent on the public sector.

Also cities will be encouraged as part of future bidding rounds to come forward with innovative programmes and packages of projects, building upon successful approaches adopted in previous rounds

He said: “This additional billion pound boost for British businesses means the Regional Growth Fund will create an estimated half a million jobs before the end of this parliament.

“With this targeted support for companies we’re unlocking private sector investment, with at least £5 put in for every £1 of public money.”

Business Secretary Vince Cable added: ““The Regional Growth Fund is already having an impact, with more than 50% of the projects from the first round already up and running. The extra £1 billion we are investing will enable us to build on this success and deliver a shot in the arm to local economies.”