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Regional Growth Fund projects selected
The Government said the £1.05bn third round of the RGF would allow companies to “expand their operations, create new jobs and stimulate growth”, reports The Telegraph.
From 414 applications, the 130 selected bidders range from drugs giant AstraZeneca to fashion company Barbour, engineering firm Dyson and car makers Jaguar and Aston Martin.
Local Enterprise Partnerships, the business-led growth bodies which replaced the Regional Development Agencies, secured a combined £344m.
A number of smaller companies, such as Pailton Engineering, a Coventry manufacturer of steering systems, also secured funds. At least £23m went to small and medium-sized firms. Michael Fallon, the business minister, will be providing details of a broader package of support for mid-sized firms at the Telegraph’s Festival of Business in Manchester today.
The Government said that for every £1 of taxpayer money spent, the RGF “will leverage £6 of private sector investment”. It added that this round will “create and safeguard” 240,000 jobs.
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