Jobs fund inadequate for first bids

THE Government may increase the amount of money available to the first round of bids to its £1.4bn regional growth fund after the scheme was massively oversubscribed.

Officials said they had been impressed by the “high quality” of the bids submitted. Only £250m had been assigned for the first round of bids – which include applications for a transport interchange in Castleford, housing projects in Hull and renovations at the National Railway Museum in York – but that may now be increased after more than £1bn was applied for.

A second round of bidding will also begin on April 12, the Department of Business, Innovation and Skills has confirmed. It hopes the fund – which will last for three years – will help tackle the North-South divide by helping create jobs in areas outside London and the South-East.

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The Government is embarking on an economic growth offensive amid criticism it has been overly focused on cutting spending without considering how to get the economic growing again.

This weekend Prime Minister David Cameron promised in his conference speech that the Budget later this month would be the “most pro-growth” statement by a Chancellor for a generation.

Ministers met leaders of the region’s new local enterprise partnerships on Monday to discuss how they could help revive the economy.