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The Coalition Agreement committed the Government to “create a fairer and more balanced economy, where we are not so dependent on a narrow range of economic sectors, and where new businesses and economic opportunities are more evenly shared between regions and industries.”
On 29 June, the Deputy Prime Minister launched a å£1 billion Regional Growth Fund to provide support for projects that offer significant potential for sustainable economic growth and can create new private sector employment. The fund will particularly help areas and communities currently dependent on the public sector make the transition to private sector led growth and prosperity.
This is an informal consultation that sets out the Government’s objectives for the fund and asks questions to support its detailed design.
The timing of the consultation has been aligned with the request already made for proposals on local enterprise partnerships and therefore closes on 6 September 2010.