Deputy prime minister Nick Clegg has announced over £50 million of extra Regional Growth Fund (RGF) money for the north west, with Merseyside Special Investment Fund (MSIF) and St Helens Chamber of Commerce named as two of the 14 recipients.
The deputy prime minister launched RGF in 2010 which has since seen a total of £430 million of investment in 89 projects across the North West, creating or safeguarding approximately 117,000 jobs and attracting a further £2.5 billion of further private sector investment.
Clegg said:
“After decades of regional economies being neglected, I set about investing directly in local businesses via the Regional Growth Fund.
“This investment has allowed regional businesses to be more ambitious than ever before and gone a long way in creating a stronger economy.
“A stronger economy means providing equal opportunity for everyone across the UK, rather than solely relying on the city of London to bolster UK business.
“The success of the RGF is proof that putting money in the hands of local businesses helps them flourish, and creates opportunities for more people to work locally.”
For every pound the government has invested through RGF the private sector has allegedly put in £5.50, which means the total investment as a result of the scheme is expected to bring in £16 billion of private sector support from across the country.
Ministers are visiting projects supported by RGF across England to see the fund in action and observe how it could help rebalance the economy.
H2 Energy, a bio-refinery company on Wellington Park South, next to Sandhills rail station hosted Environment, Food and Rural Affairs Minister Dan Rogerson who visited to see how the RGF grant from the North Liverpool City Fringe Programme assisted them with the costs of setting up their central manufacturing and support Facility in Liverpool.
Universities, Science and Cities Minister Greg Clark said:
“This latest round of RGF investments will help local firms fulfil their ambitions for growth, encourage businesses to set up bases in the UK and boost jobs and prosperity.”
Words: Peter Cribley