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Liberal Democrat News 4th November 2011

November 4, 2011 8:32 AM
Originally published by UK Liberal Democrats

Stimulating growth in the regions

Picture caption: Nick Clegg announces the successful bidders in Sheffield (photo: courtesy Sheffield Forgemasters)

The Deputy Prime Minister was in Sheffield on Monday announcing that the remaining £950m from the second round of the Regional Growth Fund has been allocated to 119 successful bidders.

Nick Clegg and the Liberal Democrats in government are determined to come out of the economic difficulties stronger by rebalancing the economy, away from the financial speculation in the City of London towards real growth across the UK.

The Regional Growth Fund is key to supporting growth in areas where private sector growth has been traditionally weaker than in London and the South East. These projects will create and protect over 200,000 private sector jobs across all parts of the country, and particularly in those parts of the country that have become too dependent on the public sector.

This is a new way of working. Using government money to stimulate private sector investment, the £1.4bn of public money will unlock around £9bn of private investment - six times as much. In total, the government expects the RGF to support more than 325,000 private sector jobs over the next three years and beyond.
The fund's two objectives are to:

  1. stimulate the local economy by providing support for projects and programmes with significant potential for economic growth to support sustainable private sector jobs and
  2. support in particular those communities that are currently dependent on the public sector make the transition to sustainable private sector-led growth and prosperity.

"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," said Nick. "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.
"The first pot of Regional Growth Fund money is already making a difference across the country - helping to rebalance
our economy so that every region and sector benefits."

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