The government’s Regional Growth Fund (RGF) has now put more than £1 billion in the hands of businesses, which in turn has leveraged nearly £3 billion in private sector investment, Business Secretary Vince Cable announced today.
The fund has also created and safeguarded more than 100,000 direct jobs in the English regions to-date. The news means the fund is now on track to deliver the 573,000 jobs it is projected to deliver by the end of the decade.
Business Secretary Vince Cable said: “So far, the Regional Growth Fund has secured £4 billion investment in companies across England – this is a great achievement, helping people and businesses across the country and there is still more to come.
“It is proof that RGF is playing a pivotal role in developing innovative technologies; providing highly skilled jobs and giving businesses the confidence to invest in the UK.”
Universities, Science and Cities Minister Greg Clark said: “RGF is a great example of how business and government can work together to create the long-term, highly skilled jobs that are fuelling our recovery and growing our economy.
“So far we have supported over 8,000 companies across the country to help them expand, take advantage of new markets and reach their full potential.”
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