Comment: Will RGF make a difference?

THE winning bids have been chosen, the money handed out.

In the aftermath of the Coalition’s cuts to public spending and the demise of Yorkshire Forward the Regional Growth Fund was one of the last hopes for councils and businesses looking to get projects off the ground.

While the first round of grants was a curious mix of infrastructure projects and consolation prizes for public sector projects that had lost other sources of funding, this week’s second round of allocations, where the bulk of the £1.4bn was handed out, certainly appeared to be better focused on backing the private sector.

Beneath the headline-grabbing multi-million pound loan deal for Sheffield Forgemasters was a series of much smaller grants that will could help businesses across the region unlock their potential.

The £25m grant aimed at help businesses in the East Riding and Hull to take advantage of opportunities in the green sector is an important signal of support from Whitehall for the area’s ambition to become a renewable energy hub.

And the support for Bradford city centre could prove critical at a time when one major shopping development is well underway in neighbouring Leeds and another is on the horizon.

The value of the projects backed is not in doubt and there is every reason to believe the majority will deliver what they promised in their own terms.

What remains to be seen is the extent to which these projects can have a an impact on the regional economy as a whole.