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News
May 2011
Regional Growth Fund Set To Boost Job Creation
More than 100,000 new jobs are set to be created and safeguarded under government plans to invest £450 million in businesses across England.
Now private companies and public/private partnerships are being invited to bid for almost £1 billion remaining in the Regional Growth Fund (RGF). The minimum bid is for £1 million.
The first round of the RGF, announced on 12 April, will see public investment support 50 bids by companies and partnerships who demonstrated how they would create jobs and high levels of private sector-led sustainable economic growth over the coming years.
The 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.
Business secretary Vince Cable said: “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’m confident that the successful bids we have chosen will deliver on this.”
Successful bidders included General Motors, the Liverpool Echo, Jaguar Land Rover and Doncaster Borough Council.
In total, the RGF will allocate £1.4 billion between 2011 and 2014. The objective is to stimulate private sector investment by supporting projects that offer significant potential for long-term economic growth and sustainable private sector jobs.
LINK: Regional Growth Fund
