It’s been announced that the Regional Growth Fund, launched in 2010 by Nick Clegg, will be getting an extra £300 million to invest in local businesses.
So far almost £3 billion has been invested in regional companies through the fund, helping them to expand and take on more staff. Local businesses from any sector are able to apply for funding, with over £1.1 billion invested in manufacturing already.
The range of companies taking advantage of the RGF is simply astounding with everything from universities and aerospace companies to green energy producers. The variety of industries taking part in the scheme is testament to the Liberal Democrats desire to see balanced growth across the whole of the UK and not just in London.
In terms of funding the scheme, public money is being bolstered by private investment. For every £1 invested through the RGF, the private sector has put in £5.50 and the total investment of private sector support is expected to reach £16 billion.
The Regional Growth Fund has so far created over 100,000 jobs and a further 480,000 are expected by the mid-2020s.