Deputy PM announces £350m regional growth fund

The Deputy Prime Minster Nick Cleg today launched the fourth and final instalment of the Regional Growth Fund, aimed at increasing economic growth, private sector investment and safeguarding jobs within England.

The fund has already provided funding for 180 businesses and projects within the UK, and from January 17 business applicants from private sector investment funds and private public partnerships will be able to apply to the grant, with a closing date set for the 31^st of March 2016.

During his visit to two successful projects in the Yorkshire region – Surgical Innovations and Cummins Turbo Technologies – Mr Clegg announced the release of funding worth £350m, saying it would provide a, “boost to jobs and growth across the country, with thousands of jobs created, businesses expanding into new markets and manufacturing new products.”

Equity from the final £350m instalment will be released to applications whose ‘bids’ are, “high quality and ‘shovel ready’ - ideally ready to start immediately,” said a representative from the Department for Business Innovation and Skills.

Speaking at the Yorkshire conference today, Mr Clegg said: “With this next round of funding, I would urge England's budding businesses to produce top quality bids to access the money that can help them grow.

"There'll be stiff competition, and we can only invest in those projects that will lead to sustainable jobs and the best value for money. Boosting jobs and growth is our number one priority for Britain right now. That is why I am so pleased to be opening a fourth round of the Regional Growth Fund which supports growth across a range of industries."