Clegg unveils £1bn fund to help support business in the regions

THE?GOVERNMENT yesterday unveiled a £1bn fund to help cushion regions that rely on public sector jobs from the toughest spending cuts in Britain’s peacetime history.

Private firms will be able to bid for the cash, in the hope they will create new jobs to help fill the vacuum when public sector workers are laid off.

Deputy Prime Minister announced the creation of the fund after a special regional meeting of the cabinet in Bradford. Clegg said the fund would “create conditions for enterprise and growth”.

Meanwhile, the government confirmed it is scrapping all nine regional development agencies (RDAs), and will replace them with a new form of partnership between local councils and firms.