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Government offers £950 million to help regional businesses

The government is releasing £950 million to help boost economic growth through direct investment in businesses.

The second round of the £1.4 billion Regional Growth Fund has backed 119 bids from businesses and local partnerships to expand their operations.

The government investment will release nearly £6 billion of private investment secured by the successful projects, and create or protect around 200,000 jobs, including those in the supply chain.

Deputy Prime Minister Nick Clegg said: “This targeted support for businesses across the country allows them to expand and create jobs.

“It unlocks private sector investment – with at least £5 put in for every £1 of public money.”

Business secretary Vince Cable said: “We need to be doing all we can to enable businesses and organisations to create much needed jobs and inject private investment into the economy.

“We have announced today that a further 119 projects will benefit from the fund, and expect to deliver a huge number of jobs across their businesses and in the supply chain.”

Projects winning approval which could benefit the construction sector include incentivised investment in Westfield Bradford and the Central Business District in Bradford.

Fifty projects in the first round of the RGF will receive £450m once due diligence is complete this autumn.

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