Nick Clegg invites regional growth fund bids
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Nick Clegg will invite bids for a share of a new £1.4 billion regional growth fund today as ministers set out plans to stimulate areas hit by public spending cuts.
The fund is designed to help promote investment in the absence of regional development agencies (RDAs), which are being abolished by the Government.
It is intended to support areas that are heavily reliant on the public sector and will bear the brunt of public sector job losses.
Some 610,000 public sector posts are expected to be axed by 2016 under Chancellor George Osborne's £81 billion spending cuts.
The Deputy Prime Minister will declare the regional growth fund "open for business" on a visit to the North West.
He will be joined by Lord Heseltine, the former Conservative deputy prime minister in John Major's government, who is to oversee bids as chairman of an advisory panel.
Applicants will need to demonstrate that they would use the cash - available only in England - to attract private sector investment and create long-term job growth.
The first 20 local enterprise partnerships between business groups and councils are also to be announced today after having their submissions approved by ministers.
More are in the pipeline from among 62 initial applications.
The partnerships are also designed help manage private sector growth after the scrapping of RDAs.
Business Secretary Vince Cable will this afternoon present to Parliament a White Paper on Local Growth which will further detail what is to happen to the assets and liabilities of RDAs.
Lord Heseltine told BBC Radio 4's Today programme: "The object of the exercise is to stimulate people to create jobs in the private sector.
"I don't know the answer to where the jobs will come from. What we can do is make ourselves available so people know the opportunity is there and then make the best judgments on the bids that come forward."
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments