Latest news
28/07/2010 - BIS Announces Further Details Of Regional Growth Fund
The Department For Business Innovation and Skills (BIS) has given further details of arrangements for the Regional Growth Fund.
Announced on 29 June by Deputy Prime Minister Nick Clegg, the £1 billion Regional Growth Fund is intended to support the areas and communities most at risk of being affected by public spending cuts.
The fund is currently scheduled to operate from 2011 to 2013 and will help the areas most dependent on public sector employment as the country makes the transition to private sector-led growth and prosperity, including the dismantling of the regional development agencies and establishment of local enterprise partnerships. Both private bodies and public-private partnerships will be able to bid for RGF funding for projects that offer significant potential for sustainable economic growth, can create new private sector employment, and will bring in private investment.
On 23 July, the Deputy Prime Minister announced that Lord Heseltine would chair the approval panel for the Regional Growth Fund, with Sir Ian Wrigglesworth confirmed as Deputy Chair.
A consultation for the fund was also launched at the announcement, seeking views on how the fund should be designed to best meet the needs of areas and communities across England.
Launching the consultation, the Deputy Prime Minister said:
“The Regional Growth Fund is an innovative new mechanism to unleash the talent and drive that will help get the country back on its feet.
“Now is the moment to rebalance our economy so it is sustainable and fair. Instead of following a broken model of unbalanced growth that put the financial sector first, we must help growing companies and entrepreneurs thrive, bringing jobs and prosperity to their communities. And as we take action to reduce public spending and bring down our towering deficit, supporting places that have become overly reliant on public sector employment must be a priority.
“We’re asking people to help us design this fund so we can be sure the investment will make a real difference. I am delighted that Michael Heseltine and Ian Wrigglesworth will be Chair and Deputy Chair of the Approval Panel. They have experience and authority to drive this forward and both are, like this Government, utterly committed to ensuring the parts of the country with the greatest need share in the prosperity of the future.”
Details of the consultation and how to contribute are available on the BIS website (opens in new window).
Source: BIS, 28/07/10
News provided by j4bgrants.co.uk.