The Deputy Prime MInister has admitted that North East unemployment remains 'stubbornly high'.
Nick Clegg was on Tyneside to launch the latest round of the Government's Regional Growth Fund. Firms are being invited to bid for a share in a £300 million pot of money.
Mr Clegg visited two firms which have benefitted from previous rounds of the Regional Growth Fund. Both have created jobs and expanded their businesses as a result of the money.
Mr Clegg said there was 'a long way to go' to revive the North East economy but there were 'glimmers of good news.'
Watch a full report on the visit from Helen Ford:
Deputy leader Nick Clegg said more needed to be done to turn around the economy in the North East.
He was speaking during a visit to a firm in Walker, Newcastle. that makes cables and pipes for oil and gas platforms.
The firm has previously benefited from the Government's Regional Growth Fund in order to expand its business and create jobs.
Mr Clegg called on other companies to bid in the next round of funding.
The Deputy Prime Minister has announced £300m of investment for companies in the North East.
The money comes from the Regional Growth Fund, and businesses in the region are being invited to bid for a share.
Nick Clegg made the announcement today (Friday) during a visit to DUCO Ltd in Walker, Newcastle.
The offshore manufacturing company successfully bid for £3.6m in a previous round, enabling the firm to create 168 jobs.