1. ITV Report

Regional Growth Fund gives £88m to North West projects

The North West is set to benefit from an £88m investment Photo: ITV Granada

More than £88m is to be invested in 22 projects across the North West as part of the Regional Growth Fund's £1billion third round.

The Government says the investment will help manufacturing firms, small businesses and local partnerships across England to expand their operations, create new jobs and stimulate growth.

Deputy Prime Minister Nick Clegg said:

"This £1billion boost for growth in towns and cities across England is creating jobs that will last in the parts of the country that need it most.

"In tough economic times the Regional Growth Fund is good value for taxpayers' money - this £1billion round of the fund is pulling in £6 billion of private sector investment.

– Deputy Prime Minister Nick Clegg

The Business Secretary, Vince Cable was in Liverpool yesterday to visit Redx Pharma, a UK-based pharmaceutical company which has been allocated £4.7 million in round 3 for research into drugs against microbial infection, influenza, hepatitis C and HIV.

The project is expected to create 119 jobs over five years.

Speaking at Redx Pharma, Vince Cable said:

"The Regional Growth Fund is creating the long-term growth and jobs that this country needs. The projects support important local priorities and there is a good alignment with key sectors in our Industrial Strategy including automotive, aerospace and life sciences.

"Redx Pharma's previous award of £5.6 million in round two has already helped them establish an impressive oncology research centre and has created over 50 new jobs since April this year. I look forward to seeing the progress of vital drugs research they intend to carry out thanks to their round three award."