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Multi-million pound boost for growing businesses

April 10, 2014 7:00 AM
Originally published by UK Liberal Democrats

Nick Clegg has today announced an extra £300 million to help growing businesses and create tens of thousands of jobs across England.

The £300 million forms part of the Liberal Democrat's Regional Growth Fund, which is now being delivered in Government. The Fund is designed to unlock billions of pounds of private sector investment and create sustainable employment and growth in a wide range of sectors across the country.

The fund supports areas that are traditionally more reliant on the public sector to increase private sector investment and encourage businesses to expand. This type of targeted investment helps to boost growth throughout the country and rebalance our economy.

While visiting two companies in Merseyside, Glen Dimplex and Traso, today Nick Clegg said:

"Today we are investing more than £300 million to create thousands of jobs through the Regional Growth Fund. This is a vital fund that has already helped over 400 projects and 3,500 small and medium sized enterprises.

"This money will help unlock nearly £2 billion of additional private sector investment that will create sustainable and long-term jobs.

"We're seeing very encouraging signs that the British economy is on the road to recovery. Home-grown and British-based businesses are leading that charge for a stronger economy. The Regional Growth Fund gives businesses a helping hand from Government to fuel business expansion and create sustainable employment.

"When this Coalition Government took office in 2010, the economy was on its knees. I've made it a priority to ensure that as the economy recovered, all the regions benefited too.

"I pay tribute to the ambitious companies who are using the Regional Growth Fund to create jobs locally, helping to build a stronger economy and doing it fairly."

Lib Dem Business Secretary Vince Cable will visit automotive specialist Millbrook later today. He said:

"Our Industrial Strategy is creating stable foundations for a sustainable, long-term recovery in which opportunity and growth is fairly spread across the country. The Regional Growth Fund will help increase our exports, expand our capacity for innovation and drive up the quality and range of our skills base and supply chain.

"The awards we're announcing today like that of Millbrook see every £1 of government funding leveraging in £6 of private capital. They will support sectors from aerospace and automotive to tourism, and the benefits will be felt into the mid 2020s and beyond."

Find out more about the jobs the Lib Dems are creating in your area.