Partner Article

Sweeping changes amid regional fund launch

NICK Clegg has launched a £1bn regional fund to promote private enterprise in regions heavily dependent on the public sector.

The move comes after the coalition announced plans to wind down regional development agencies, such as One North East, in favour of local enterprise partnerships.

Meanwhile, the Government has given its clearest hint yet over its intentions for the business advice and support service Business Link.

Speaking to a news website, small business minister Mark Prisk said Business Link would eventually be ‘wound down’ as part of the coalition’s restructuring and cutbacks. However no official announcement has been made by the Government to confirm the plan.

“While we sort out the nation’s finances we can also help to foster a thriving and more balanced economy, so that no region or community gets left behind,” Clegg said yesterday.

The Regional Growth Fund, which will operate in the first two years of the spending period beginning in April next year, will be open to businesses and public-private partnerships in areas most dependent on public sector employment.

This was posted in Bdaily's Members' News section by Ruth Mitchell .