£1bn boost for business growth

An extra £1 billion has been set aside by the government to help businesses to grow and create new jobs.

The funding, part of the Regional Growth Fund, takes the total fund to £2.4 billion. It will be available to businesses and public/private partnerships seeking to create new jobs and boost their local economies.

Deputy Prime Minister Nick Clegg made the announcement on 23 February. He said: “The Regional Growth Fund is already having a huge impact across the UK. So far there have been over 170 successful bids to the fund, leveraging around £7.5 billion of private sector investment and set to create and protect 330,000 jobs.

“I want to see more businesses that are confident they can create jobs and get Britain building and making things again, coming forward – making sure their hats are in the ring.”

Business Secretary Vince Cable added: “The additional £1 billion in the fund will help us maintain momentum around supporting even more businesses and encouraging the creation of new jobs.”

Many of the 176 successful businesses from the first and second rounds of bids to the Regional Growth Fund, which are currently going through their legal checks, have already started their projects, with around a third of the companies reporting that activity is underway.

LINK: Regional Growth Fund information