LIBERAL DEMOCRATS INVEST £1BN IN FUND TO BOOST LOCAL COMMUNITIES

5.31.30pm BST (GMT +0100) Fri 2nd Jul 2010

The Liberal Democrats have this week launched a £1bn regional growth fund to help local communities in the current economic climate.

Local Government minister and Liberal Democrat MP for Hazel Grove Andrew Stunell has today described the move as a vital step in protecting jobs and promoting growth in Stockport, and the North West.

Commenting, Andrew Stunell said:

"The reckless Labour government left the country nearly bankrupt, with an unprecedented challenge ahead.

"There simply isn't as much money as before, and we need to get spending under control. The coalition government has had to make some very difficult choices to get us back on our feet, but the Liberal Democrats are determined to protect local communities

"Our Regional Growth Fund will allow us to deliver a more focussed approach, both in Stockport and across the North West, and will provide more support for businesses, encourage entrepreneurs, and protect jobs."

ENDS

Notes to Editors

1. The fund, which will operate in 2011/2012 and 2012/2013 will help areas most dependent on public sector employment as the country makes the transition to private sector-led growth and prosperity.

2. 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.

3. Nick Clegg also set out plans for Local Enterprise Partnerships (LEPs) that will bring together councils and business on an equal footing with one voice, replacing the current Regional Development Agencies (RDAs).

4. In a letter sent to councils and business leaders today, Business Secretary Vince Cable asked them to consider forming new Local Enterprise Partnerships that can provide strategic leadership in their local areas and create the right environment for business success and economic growth.