Vince Cable Announces £950M For Jobs

The Deputy Prime Minister has announced a Government investment of £950 million to create and safeguard more than 200,000 jobs across England.

The money is the second tranche from the Government’s £1.4 billion Regional Growth Fund (RGF) which will support 119 bids from businesses and local partnerships with projects to expand their operations, create new jobs and attract private investment. Discussions are ongoing with a further 10 bidders about their projects, the Department for Business said on Monday.

Of the 201,000 jobs created or protected, around 37,000 will be directly created jobs, and more than 164,000 will be "in the supply chain".

According to the Depratment for Business, the RGF is designed to encourage enterprise, growth and jobs in the private sector and support areas and communities that are dependent on the public sector.

Deputy Prime Minister Nick Clegg said: "I am delighted to be able to announce this boost to business, which will jump start growth and create jobs that last in the places that really need it.

"This targeted support for businesses across the country allows them to expand and create jobs. It unlocks private sector investment – with at least £5 put in for every £1 of public money. People in the rest of Britain have been let down for far too long by governments in thrall to one Square Mile of it.

Business Secretary Vince Cable said that the Government needed to be doing all it can to enable businesses and organisations to create much needed jobs and inject private investment into the economy.

“This is a very significant boost to local communities, and the Regional Growth Fund will help businesses to drive local growth.”

Meanwhile, Lord Heseltine commended the investment saying he was confident that the projects the Government was supporting would help rebalance the economy and help local areas thrive.

“The Government’s investment of £950 million is supported by nearly £6 billion of private investment, putting businesses firmly in control of their own economic future. The independent panel and I have been impressed by the creativity and innovative nature of these projects, and I look forward to following their progress.”

The successful bids are subject to legal checks before they can be awarded their final allocation of funding. This will establish whether the Government is confident that the organisations can deliver on the proposals in the bid and be agreed through contract. The Government expects the money to start being passed on to the bidders in the spring.

(DW)