Fund to tackle public sector bias

The Government has made £1.4 billion available in a Regional Growth Fund. The money will be used to target areas over dependent on the public sector said Deputy Prime Minister Nick Clegg.

Businesses and local communities will be able to bid for money from the fund to help boost private sector growth.

Steve Radley, director of policy at EEF, the manufacturers' organisation, said: “Given the limited resources available, this is a welcome focus on supporting investment in research and development and backing high quality jobs in growing manufacturing sectors.

“The next stage must be to work in tandem with the national growth strategy to create a competitive business environment which will stimulate additional private sector investment across all regions.

Companies can apply be clicking here.

An Independent Advisory Panel of business leaders and economic experts, chaired by Lord Heseltine, will consider the bids.

The announcement is part of Government plans to kick start local growth, which were backed up a White Paper you can read here.

Another measure includes the approval of proposals for 24 local enterprise partnerships. Under the scheme, local business and civic leaders will work together to drive sustainable economic growth and create new jobs in their communities.

The panel comprises:
Lord Heseltine, Chair
Sir Ian Wrigglesworth, Deputy Chair
Felicity Goodey (Businesswoman, former senior BBC journalist)
Tony Greenham (Programme Head, New Economics Foundation)
Richard Lambert (Director General, CBI)
Jon Moulton (Chairman, Better Capital equity group)
Caroline Plumb (Entrepreneur, Freshminds)
David Rowlands (Chair of Gatwick Airport Limited and Angel Trains Group Limited)
Mark Seligman (Chartered Accountant and Banker, Credit Suisse)
Andrew Shilston (Finance Director, Rolls Royce)
Lord John Shipley (Former Leader Newcastle City Council)
Tony Venables (Academic Economist, Oxford University