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Budget 2012: Growing Places fund gets £270m boost

Boris secures £70m development fund specifically for London

The chancellor George Osborne has announced an extra £270 million will be allocated to the Growing Places Fund, a flagship government policy to boost local infrastructure.

Mr Osborne said the money would help support local areas in growing the private sector where the state has taken a larger share of the economy.

He allocated £70m to London Mayor Boris Johnson who he said would set up a specific development fund to attract new business and jobs.

Mr Osborne said:  “The Mayor of London is also a very effective champion for the city he runs so well.

“We will work with him on plans this summer to go on investing in London transport, lengthening commuter trains, extending the Underground and exploring new river crossings in east London.

“So from the allocation made to the Mayor through the Growing Places Fund he will be creating a new £70 million development fund to attract new business and new jobs.

“And the Mayor has persuaded me of the opportunities the new Royal Docks Enterprise Zone offers our largest city if we offer enhanced capital allowances there – so we will.”

The chancellor went on to announce further details of enterprise zone funding.

He added:  “The Chief Secretary can confirm today that we will offer enhanced capital allowances for businesses starting up in the new Scottish enterprise areas in Dundee, Irvine and Nigg and there will be a new Welsh Enterprise Zone in Deeside, while we look forward to the first Enterprise Zone in Northern Ireland.”

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