Great news today that the Government's Regional Growth Fund will lead to more than 25,000 jobs for the North East.
With bids now approved from the £1bn Regional Growth Fund expectations are that this will see over 8,500 jobs directly created and a further 17,000 indirect jobs in supply chains across the region.
The North East has done especially well from the Growth fund with 50 of the 119 successful bids from the Fund coming from the region.
"This is fantastic news for us here in the North East. This is real investment in our region, bringing jobs and growth as well as helping to rebalance our economy away from London and the South East.
To see a third of the bids come from the North East is a cast iron example of this Government's commitment to our region and to helping to build up our private sector."
Nick Clegg, the Deputy Prime Minister, said: “What we’re trying to do is invest public money, taxpayers’ money, into companies which can create jobs that last, and for every pound that will be invested from the Regional Growth Fund we estimate about £6 will be matched from the private sector.
“We are trying to rewire the British economy so we are less reliant on the city of London and financial services and we’re giving more backing to manufacturing and to parts of the country which for too long were basically reliant on handouts from Whitehall.”
The Government's Regional Growth Fund will invest £1.4billion into businesses overall with 200,000 jobs created or safeguard in this second round. The aim of the Growth Fund is to help private sector businesses expand their operations, create new jobs and attract further private investment. The Government investment is expected to support nearly £6 billion of private investment in the successful projects.
You can listen to the Deputy Prime Minster discuss the Regional Growth Fund on Radio 4 this morning by clicking here