Extra £1bn available for firms to create jobs

The Royal Navy aircraft carrier HMS Queen Elizabeth

Portsmouth set for £1bn boost thanks to new aircraft carriers

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AN EXTRA £1bn is being made available to businesses seeking support to create new jobs, the government has announced.

The money is part of the Regional Growth Fund, now totalling £2.4bn, which is attracting a growing number of companies trying to access cash.

Deputy Prime Minister Nick Clegg said there had been over 170 successful bids to the fund, leveraging around £7.5bn of private sector investment and set to create and protect 330,000 jobs.

He said: ‘I want to see more businesses that are confident they can create jobs and get Britain building and making things again, coming forward, making sure their hats are in the ring. Funding from rounds one and two has gone to some extraordinarily promising manufacturing projects. From Pirelli Tyres in Carlisle who’ll use the money to develop a new range of carbon-cutting tyres; to a Portsmouth-based company which hopes to use theirs to create a cutting-edge boat-building college.

‘These are the kinds of projects that will lead their communities into brighter times.’