The Coalition Government’s Budget 2010 announced the creation of a Regional Growth Fund in 2011/12 and 2012/13. On the 29th June it announced that the fund would be worth £1bn.
Deputy Prime Minister Nick Clegg is seeking your views on
- how the Regional Growth Fund should work.
- What kind of activities it should support?
- How they should judge which schemes are eligible for help? and
- It should be carried on in the future?
The basic principle of the Coalition Government is that sustainable economic growth needs to be based on private sector enterprise and increased capacity, and a growth in private sector jobs.
The Government is committed to ensuring that all parts of the country benefit from sustainable economic growth, and that private sector recovery is particularly strong in areas that are heavily reliant on public sector employment. See THIS and THIS.
In parallel with proposals to form Local Enterprise Partnerships responses are being sought by the 6th September.
The intention is that the Regional Growth Fund will
bring together into one consolidated pot, funding streams which support sub-national economic growth.
It will also enable private sector investors, business, the public sector and communities to come together with an overall strategy for their area,
The government is inviting views on what kind of activities the fund should support and how the fund can be designed to best facilitate this and provide appropriate support for areas overly dependent on public sector spending.
See our piece on Local Enterprise Partnerships (LEP) by using the Search function (above)
