Nick Clegg Announces Billion Pound Boost for Regional Growth

The £1bn third round of the Coalition Government's Regional Growth Fund was announced by Liberal Democrat Deputy Prime Minister Nick Clegg at the end of October. This is another massive investment in new jobs across England. It will create or safeguard thousands of jobs over the long term, benefitting around 130 projects and leveraging £6bn of private sector investment.

For too long, the economy has relied far too much reliant on financial speculators in the City of London - which covers just one square mile of the UK and has hardly any genuine residents. As we re-build a new economy from the ruins of the banking collapse, Liberal Democrats in the Coalition Government want to rebalance the economy so that it benefits the whole country.

The Business Secretary, Vince Cable went to Liverpool to visit Redx Pharma, a UK-based pharmaceutical company which has been allocated £4.7m in round three, for research into drugs against microbial infection, influenza, hepatitis C and HIV. The project is expected to create 119 jobs over five years.

The government investment will help manufacturing firms, small businesses and local partnerships across England to expand their operations, create new jobs and stimulate growth - the Coalition's top priority.
Bidders will be putting in £6bn of their own cash for these projects and programmes, which are expected to create and safeguard more than 240,000 jobs over the long term. This is in addition to the 300,000 jobs that are being created or safeguarded from Rounds One and Two of the fund.

"This £1bn boost for growth in towns and cities across England is creating jobs in the parts of the country that need it most," said Nick Clegg. "In tough economic times the Regional Growth Fund is good value for taxpayers' money - this £1bn round of government funding is pulling in £6bn of private sector investment.

"I have seen for myself the real difference this makes on the ground - from iconic businesses like Eddie Stobart expanding in Widnes and creating 3,450 jobs in the local area, to the Sunderland car parts factory, Unipres, who have used their funding to buy a new 3,000 tonne press, letting them increase production and take on an extra 316 people.

"The Regional Growth Fund is working, on track and supporting businesses to create jobs and grow the economy."