Latest Public Sector News

24.01.12

Regional Growth Fund boosts four businesses

Four more businesses have secured £7.9m in Government support through the Regional Growth Fund to create new jobs and boost growth in their local communities.

Nifco UK in Stocktonon Tees, e2v Technologies Ltd in Chelmsford, Bentley Motors in Crewe and Halifax Rack and Screw Cutting Co. Ltd,Halifax, have been approved funding.

So far £1.4bn has been conditionally allocated to 164 projects through two bidding rounds, creating and safeguarding over 330,000 jobs. More than £6bn in private investment also supports the programme.

The fund’s total value is £2.4bn and 29 projects have so far received funding after legal checks and Government assessment to ensure the deals offer the best value for taxpayers.

Deputy Prime Minister Nick Clegg said: “Creating long-term jobs and long-term growth is our number one priority forBritain.

“The Regional Growth Fund is already helping the economy grow in every region and across a range of industries. The 641 jobs announced today is more good news for people in Teesside, Essex, Crewe and Halifax.

“For too long the UK economy has been too focused on the City of London.

“The Regional Growth Fund is unlocking private sector investment, with at least £5 put in for every £1 of public money, letting businesses in Britain thrive.”

Business Secretary Vince Cable said: “It’s excellent that four more companies are benefitting from the Regional Growth Fund. This support continues to provide a significant boost to the local economies, lever in significant investment and will create jobs where they are needed most.

“The projects will support advanced manufacturing techniques, enable R&D to develop new products and improve skills, all of which are vital to support growth and help rebalance the economy.”

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