BCC lauds Fund injection

The British Chambers of Commerce has commended deputy prime minister Nick Clegg’s announcement that an extra £1 billion will be made available through the Regional Growth Fund.

The British Chambers of Commerce has commended deputy prime minister Nick Clegg’s announcement that an extra £1 billion will be made available through the Regional Growth Fund.

The British Chambers of Commerce has commended deputy prime minister Nick Clegg’s announcement that an extra £1 billion will be made available through the Regional Growth Fund (RGF).

BCC director of policy Adam Marshall says, ‘We know that business is good for local communities because it creates jobs and prosperity. Allocations from the fund will help improve local conditions and clear the way for more private investment to follow.

‘We are encouraged that ministers have committed to addressing some of the criticism that arose during previous bidding rounds, such as the complexity of the application process itself. We will watch carefully to ensure that strong applications do not get caught up in red tape or unnecessary delays.’

The RGF is now a £2.4 billion fund which is designed to encourage enterprise, growth and jobs in the private sector and support areas and communities that are dependent on the public sector.

Clegg says that so far that there have been more than 170 successful bids to the fund, leveraging around £7.5 billion of private sector investment and set to create and protect 330,000 jobs.

However, Marshall says that the government must ‘go further to improve the business environment’.

‘As we approach the Budget, ministers must follow through on the delivery of key infrastructure projects, and do everything they can to help companies in all parts of the country build the confidence they need to expand, invest and create jobs.’

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