The new Panel will consider proposals for funding and recommend to Ministers which projects should be taken forward. Sir Ian Wrigglesworth will be Deputy Chair.
The Regional Growth Fund has been set up to provide support for projects that offer significant potential for sustainable economic growth and can create new private sector employment. It will particularly help areas and communities currently highly-reliant on public sector employment make the transition to private sector led growth and prosperity.
The fund was announced at Budget and will operate over two years. In a consultation published today, the Government is seeking views on how the fund should be designed to best meet the needs of areas and communities across England.
Launching the consultation, the Deputy Prime Minister said:
“The Regional Growth Fund is an innovative new mechanism to unleash the talent and drive that will help get the country back on its feet.
“Now is the moment to rebalance our economy so it is sustainable and fair. Instead of following a broken model of unbalanced growth that put the financial sector first, we must help growing companies and entrepreneurs thrive, bringing jobs and prosperity to their communities. And as we take action to reduce public spending and bring down our towering deficit, supporting places that have become overly reliant on public sector employment must be a priority.
“We’re asking people to help us design this fund so we can be sure the investment will make a real difference. I am delighted that Michael Heseltine and Ian Wrigglesworth will be Chair and Deputy Chair of the Approval Panel. They have experience and authority to drive this forward and both are, like this Government, utterly committed to ensuring the parts of the country with the greatest need share in the prosperity of the future.”
Lord Heseltine said:
“I am delighted to have been asked to help with this exciting project. It builds on the experiences I’ve had in helping people in deprived areas to help themselves and their communities achieve aspirations that, without schemes of this sort, might be impossible.
“This is about local people, local initiatives and local success in areas where the inevitable cuts will be most heavily felt.”
Business Secretary, Vince Cable said:
“I’m delighted that Lord Heseltine and Sir Ian Wrigglesworth have agreed to lead the Approval Panel for this important initiative.
“The Regional Growth Fund demonstrates that England is open for business. It will support enterprise and incentivise the growth of private sector-led local economies; mobilizing private sector investment across the country and creating sustainable private sector jobs. And Michael and Ian’s experience and strategic oversight will help ensure it is a success.”
Communities Secretary, Eric Pickles said:
“Lord Heseltine is the perfect choice for Chair: his regeneration pedigree will be vital when identifying the projects that deserve Regional Growth Fund support.
“Local enterprise partnerships will be central to that by returning democratic accountability they will show how local businesses, local councils and communities - freed from bureaucratic hurdles - can work together to reopen and rebalance Britain’s economy.”
The Government is committed to replacing the Regional Development Agencies with local enterprise partnerships of elected authorities and businesses who can provide the strategic leadership and economic vision for their local area. To be effective, it is crucial that business works in equal partnership with civic leaders to drive real change in public service delivery and create a better business environment.
Local enterprise partnerships will play an important role in bringing together bids for the Regional Growth Fund, working with key partners such as universities. Private sector companies and other public-private partnerships will also be invited to bid independently for the fund.
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