Liberal Democrats create £1bn fund for communities hit by cuts

Liberal Democrat Leader and Deputy Prime Minister Nick Clegg has launched a £1bn Regional Growth Fund to help communities that may be particularly affected by public spending cuts.

Liberal Democrat Ian Swales MP for Redcar has today described the move as a vital step in protecting jobs and promoting growth in the North East.

Commenting, Ian said:

"The reckless Labour government left the country nearly bankrupt, with an unprecedented challenge ahead.

"The Coalition Government has had to make incredibly difficult choices, but the Liberal Democrats are helping ensure that no community gets left behind.

"We can now deliver a more focused approach in the North East and provide more business support, encourage entrepreneurs and protect jobs."

Speaking in Bradford after the first regional Coalition Cabinet meeting, Nick Clegg said:

"The Regional Growth Fund will create the conditions for growth and enterprise by stimulating investment and creating sustainable private sector jobs.

"Alongside our commitment to waive some employment taxes for new businesses starting up in targeted regions of the country, this fund can make a real difference to companies during difficult times."