Today is a good day for business in the South West. In tough economic times, it's not often I can say the Government is opening its purse strings. But today companies and organisations in Devon, Somerset, Gloucestershire and Wiltshire have won a £105 million slice of a £1 billion national pot of money to help them expand, take on more staff and bolster the local economy with jobs that last.
The cash injection comes from the Regional Growth Fund, which has already pumped £1.4bn into businesses in England – I'm proud of it, just as I'm proud of the British companies it is able to support. The beauty is that it's government-guaranteed funds to each company, matched by private sector investment. For every pound we put in, we get £6 more from the private sector.
In the previous round of regional cash, the Plymouth University and Western Morning News Growth Fund helped create 60 full-time jobs across 20 small businesses, and that number is growing. That's evidence that the Regional Growth Fund is working, and it's why I'm pushing for the wealth and opportunity once enjoyed only in the City of London to be shared equally around the country.
Through this pot of growth cash, companies in the South West have already been awarded money from the fund and are expanding, or starting new and exciting projects. Most importantly, they are able to keep their highly skilled workforce, take on new staff, train apprentices, and produce world-class products.
Our economy suffered a massive heart attack – the deepest recession in living memory. So we've got to get Britain's strength back up, and get working again.
The Regional Growth Fund is just one way we're building a fairer economy. For young families who can't get mortgages or small businesses who can't get a loan, we've set up a Funding for Lending scheme to get banks lending.
Crucially, our young people cannot and will not be left on the scrapheap because of mistakes made by others.
That's why I've made £1 billion available to get young people into jobs, training or apprenticeships through the Youth Contract.
This is all for jobs and a more prosperous future for the whole country.
