By Maximilian Clarke
Deputy Prime Minister Nick Clegg has today announced a government investment of £950 million in order to stimulate business and local government as part of the second round of the Regional Growth Fund.
Added to the near £1bn government investment will be a further private investment some 5 times greater, bringing the total to an approximate £6bn investment that will create more than 200,000 jobs across the country.
Of the 201,000 jobs created or protected, around 37,000 will be directly created jobs, and more than 164,000 will be in the supply chain. The Government investment will support nearly £6 billion of private investment secured by the successful projects.
"I am delighted to be able to announce this boost to business, which will jump start growth and create jobs that last in the places that really need it,” said Nick Clegg.
The Regional Growth Fund is a £1.4bn fund which is designed to encourage enterprise, growth and jobs in the private sector and support areas and communities that are dependent on the public sector. An expected 326,000 jobs will be created and safeguarded thanks to the fund.
Commenting on the investment, Business Secretary, Vince Cable said: “We need to be doing all we can to enable businesses and organisations to create much needed jobs and inject private investment into the economy.
“We have announced today that a further 119 projects will benefit from the fund, and expect to deliver a huge number of jobs across their businesses and in the supply chain.
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