The Deputy Prime Minister, Nick Clegg, has launched a £1 billion Regional Growth Fund to help areas and communities at risk of being particularly affected by public spending cuts.
The Fund, which was announced in the Emergency Budget on 22 June 2010, will operate in 2011/2012 and 2012/2013 and will help areas most dependent on public sector employment as the country makes the transition to private sector-led growth and prosperity.
Both private bodies and public-private partnerships will be able to bid for funding by demonstrating that their proposal will bring in private investment and support sustainable increases in private sector jobs and growth in their area.
Full details of the Fund, including who will be eligible to apply and the criteria and process for assessing bids, will be set out in the forthcoming White Paper on local and regional growth.
For further information, visit: http://nds.coi.gov.uk/.