The Deputy Prime Minister is today (Thursday 12 February) awarding £50.4 million of extra funding from the Regional Growth Fund to help companies in the North West to flourish.
Since Nick Clegg launched the fund in 2010, a total of £430 million has now been invested in 89 projects across the North West, which will create or safeguard around 117,000 local jobs and attract around £2.5 billion of further investment from the private sector.
Deputy Prime Minister Nick Clegg said:
“After decades of regional economies being neglected, I set about investing directly in local businesses via the Regional Growth Fund. This investment has allowed regional businesses to be more ambitious than ever before and gone a long way in creating a stronger economy.
“A stronger economy means providing equal opportunity for everyone across the UK, rather than solely relying on the city of London to bolster UK business. The success of the RGF is proof that putting money in the hands of local businesses helps them flourish, and creates opportunities for more people to work locally.”
For every £1 the Government has invested through the Fund, the private sector has put in £5.50, meaning the total investment is now expected to attract £16 billion of private sector support across the country.
Ministers will be visiting RGF projects across England today (12 February) to see how the Fund is helping to rebalance the economy. Environment, Food and Rural Affairs Minister Dan Rogerson will visit H2 Energy, a bio-refinery company in Liverpool, which secured a RGF grant from the North Liverpool City Fringe Programme to assist them with the costs of setting up their central manufacturing and support Facility in Liverpool.
Business Secretary Vince Cable will visit automotive specialist Brose today, a successful bidder in Round 6. He said:
“We have invested more than £1.1 billion in British manufacturing businesses outside London to grow and create jobs in sectors spanning aerospace, automotive, low-carbon and chemicals.
“Today’s investment, supporting businesses like Brose, will boost British manufacturing, exports, and opportunities to innovate, impacting companies positively for a decade and beyond.”
Universities, Science and Cities Minister Greg Clark added:
“The Government is supporting local businesses and enterprise across the country, helping them to expand and create long-term, skilled jobs.
“This latest round of RGF investments will help local firms fulfil their ambitions for growth, encourage businesses to set up bases in the UK and boost jobs and prosperity.”
List of bidders in the North West with conditional offers from Round 6:
St Helens Chamber Ltd (Programme covering the Liverpool City Region)
Economic Solutions Ltd (Programme covering the North West and parts of the North East)
Cumbria Chamber of Commerce (Programme covering Cumbria)
East Lancashire Chamber of Commerce and Industry (Programme covering Lancashire)
Victrex PLC (Thornton-Cleveleys)
MSIF (Programme covering the North West)
M Sport Ltd (Cockermouth)
HPL Prototypes Ltd (Location TBC)
Hanson Springs Ltd (Rochdale)
S Cartwright & Sons (Coachbuilders) Limited (Altrincham)
Barnfield Investment Properties Limited (Brierfield)
The University of Manchester (Programme covering Cumbria)
BioCity Nottingham Ltd (Alderley Edge)
Reform Energy PLC (Fleetwood)
Submit News Contact us with your community, business or sport news. Phone 07581350321 or 07930717137