Cable hails success of growth fund

Liberal Democrat Cabinet minister Vince Cable. Photo credit should read: Danny Lawson/PA Wire

Liberal Democrat Cabinet minister Vince Cable. Photo credit should read: Danny Lawson/PA Wire - Credit: PA

A fund aimed at creating jobs and boosting local economies across England has led to £4 billion of investment, the Government has announced.

The Coalition said its Regional Growth Fund had put more than £1 billion into the hands of businesses, with a further £3 billion from the private sector, supporting 8,000 companies.

The fund has created or safeguarded more than 100,000 jobs and is on track to meet a target of over half a million by the end of the decade, it was reported.

Business Secretary Vince Cable said: 'So far, the Regional Growth Fund has secured £4 billion investment in companies across England - this is a great achievement, helping people and businesses across the country and there is still more to come.

'It is proof that RGF is playing a pivotal role in developing innovative technologies, providing highly skilled jobs and giving businesses the confidence to invest in the UK.'

Today, the minister will visit manufacturing firm AESSEAL in South Yorkshire, which received £1.7 million from the fund towards an £8.7 million expansion project.