Nick Clegg has announced £300m of funding for businesses around the country through the Regional Growth Fund (RGF).
The Government hopes the new round of funding will kickstart £1.9bn of additional investment through the private sector.
So far £2.9 billion of funding has been allocated from the £3.2 billion pot. A sixth round is due to launch in summer.
The hope is that public sector funding with encourage the private sector to invest in businesses and for businesses across the country to expand.
Changing of focus
Fifty ventures have been selected for Round 5 of RGF funding across the country, including the likes of Dyson.
Of those fifty, only three are from London and the South-East.
The funding for development in the regions will please many who believe that too much focus and funding is given to London. Much of the emphasis in the past few years has been on developments in the capital, particularly on Tech City.
Demonstrating strong demand and interest. the fund is already oversubscribed. The fifty enterprises had been selected from 133 who had requested £650m.
Road to recovery
The Deputy Prime Minister hopes the fund will create secure jobs across the regions:
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.
Vince Cable also expressed his confidence that the government’s industrial growth strategy will have long-term benefits across the country.
He visited automotive specialists Millbrook, who have received Round 5 funding, as minister visited companies up and down the UK.