Regional Growth Fund opportunities ‘greatest for Sheffield’

SHEFFIELD is one of four locations best placed to take advantage of the Government’s new £1.4bn Regional Growth Fund (RGF), according to consultancy Regeneris.

The company, which conducts economic development research, said the city, along with Liverpool, Blackburn and Darlington, had both the greatest need and potential opportunities.

The four towns and cities topped a Regeneris assessment of locations throughout the UK.

The RGF which will operate from 2011 to 2013 is designed to help areas most dependent on public sector employment.

Under the fund, both private bodies and public-private partnerships will be able to bid for cash by demonstrating that their proposal will bring in private investment and support sustainable increases in private sector jobs and growth in their area.

Simon Hooton, Regeneris director, said:  “All of these towns and cities rely heavily on public sector employment and have a clear economic gap with the rest of the country, but they all have a reasonably strong base of private sector employment in nationally important sectors on which to build. They are therefore best placed to benefit from the new fund.
 
“Other areas are close behind and should be supported but there is a risk of the fund making little real difference to conditions on the ground if it is spread too thinly. Anyone wanting to tap into RGF will clearly also need to put forward compelling investment propositions which can make a change in their area.”