It has been announced that the Regional Growth Fund is set to put £6 billion back into the economy as 130 projects were chosen for investment. The fund offers the chance for businesses to submit applications for additional investment, with a lot of employment set to be created as successful businesses grow.
For the latest phase of the Regional Growth Fund, over 400 submissions were made from firms wanting to get government investment and backing. Over the past few months these have been carefully whittled down to just 130 projects that will receive a portion of the £6 billion. It is hoped that this money will go a great way in helping the development of each project, supporting local economies and creating new employment opportunities.
Talking about the fund and its importance in boosting the economy, Deputy Prime Minister Nick Clegg said: “This £1 billion boost for growth in towns and cities across England is creating jobs that will last in the parts of the country that need it most. In tough economic times the Regional Growth Fund is good value for taxpayers' money ? this £1 billion round of the fund is pulling in £6 billion of private sector investment.”
It is expected that approximately £6 of private investment will be generated for every £1 of taxpayer’s money. This ensures that the taxpayer is contributing to the economy and helping to bolster business, but that the private sector is continuing the growth progression and creating the jobs that are so badly needed to reduce unemployment figures further.