The prime minister David Cameron has said that an extra £5 billion in investment for England's regions over the next five years will help to kick-start growth across theUK outside of the capital.
"For too long our economy has been too London-focused and too centralised. Growth deals will help change all that," he said.
He said that the scheme could turn regional towns and cities in economic "powerhouses" and create thousands of new jobs. "
Deputy Prime Minister Nick Clegg, who chairs the local growth cabinet committee, also hailed the announcement as marking the end of a culture of "Whitehall knows best" and helping to end an over-reliance on the banks and the City of London.
England's regions are set to benefit from an extra £5 billion in investment under Government plans to re-balance the country's economy and create thousands of new jobs outside the capital.
The cash will be allocated to local authorities and businesses through a series of local "growth deals" for investment in projects including building new homes, improving transport links and opening up new training opportunities.
Officials said that the funding, which would be released over five years from 2015, would lead to work on over 150 roads, 150 housing developments and 20 stations as well as create new jobs and training opportunities outside the capital.
Research suggests that top employers received around 39 applications for every graduate job this year amid a rise in vacancies.
A new study reveals that the number of graduate level openings available has now returned to pre-recession levels, with big increases in industries such as the media, engineering and consultancy.
Overall, a third of graduate employers have stepped up recruitment in the last six months, taking on more university graduates than they expected, according to an annual survey conducted by High Fliers Research.
The availability of candidates for job vacancies is falling, highlighting concerns about skills shortages, according to a new study.
Research by the Recruitment and Employment Confederation and KPMG said even though unemployment remained over two million, employers were finding it difficult to fill certain jobs.
Pay rates for permanent and temporary staff had increased in recent months, the report also stated.
Imperial Tobacco is to end cigarette manufacturing in the UK after announcing plans to close its factory in Nottingham with the loss of up to 540 jobs.
The Bristol-based company, which employs 1,700 people in the UK, said the factory has the capacity to make 36 billion cigarettes a year but will only produce 17 billion in 2014.
It blamed declining industry volumes in Europe, which have been impacted by increasing regulation and taxation and the growth in illicit trade.
The company is also closing a production site in Nantes, France, where 320 people are employed.
Imperial Tobacco announced it will close its factory in Nottingham under restructuring proposals. The decision to shut down the factory will cost up to 540 jobs.
Chancellor George Osborne has declared his commitment to fight for "full employment" in Britain.
Speaking to workers at Tilbury Port in Essex, he said his "ambition" was for Britain to achieve the highest employment rate of any of the developed nations of the G7.
Former Conservative chancellor Norman Lamont has told ITV News he is "not in any way uncomfortable" with George Osborne's comments that mass unemployment would never be a price worth paying.
Lord Lamont famously said in 1991, "Rising unemployment and the recession have been the price that we've had to pay in order to get inflation down, but that is a price worth paying".
The Conservative government won't seek to lower the unemployment rate by creating "artificial" public sector jobs, which ended up destroying employment as public spending spiraled out of control, says George Osborne.
"You end up with more people unemployed instead of less. Then the politicians who make these guarantees get into a panic. So unemployed people are pushed on to sickness benefits to hide the real numbers," he said.
George Osborne has stated that it's his ambition for the UK to have the highest employment rate than any G7 country.
He also stated in his recent speech that the Conservatives are aiming for "full employment" in Britain.
Today have set an ambition for the UK to have the highest employment rate in G7- best place to create a job and to get a job
This week sees biggest personal & business tax cuts for 2 decades. Part of our plan to build an economy that supports full employment