拢450M investment for regional jobs and growth
皇冠体育app first round of the Regional Growth Fund (RGF) sees 拢450 million invested in businesses across Britain.
皇冠体育app first round of the will see more public investment support 50 bids by companies and partnerships across Britain.
皇冠体育appy demonstrated how they would create jobs and a high level of economic growth in their local communities over the coming years.
皇冠体育app RGF is a 拢1.4bn fund which is designed to encourage enterprise, growth and jobs in the private sector and support areas and communities that are dependent on the public sector.
皇冠体育app Government expects over 27,000 jobs to be directly created and safeguarded, with close to a further 100,000 jobs in associated supply chains and local economies.
. This round will aim to allocate the remainder of nearly 拢1 billion.
Announcing the successful bids, Deputy Prime Minister Nick Clegg said:
鈥淚 was bowled over by the quality of the bids. This money will now help create and safeguard jobs in some of the communities worst hit by the economic downturn.
鈥淭oday is a step towards rebalancing our economy away from an unhealthy overreliance on a small number of industries and a few areas. We need to spread opportunity across the whole country, drawing on our many talents.鈥�
Results of the 1st round
皇冠体育app successful bids include the development of a former eye hospital in Manchester into a biomedical centre of excellence; the construction of a manufacturing plant on Teesside to develop resins for food and drink packaging; development of a cutting edge factory & R&D laboratory for Holroyd Precision Ltd in Rochdale, and a proposal from General Motors to build the next-generation Vivaro van in Luton.
Business Secretary Vince Cable said:
鈥淪upporting job creation in the regions is vital if we are to drive growth in our local communities.
鈥淲e have received a large number of ambitious and highly competitive bids to this first round of the Regional Growth Fund, which will help a number of businesses across the country to expand and create thousands of new jobs.
鈥溁使谔逵齛pp Regional Growth Fund is a competitive fund and we wanted to see proposals that created jobs in the private sector, in areas of deprivation and that is at risk of suffering from public sector cuts. I鈥檓 confident that the successful bids we have chosen will deliver on this.鈥�