ONE of the North East’s top businessmen will decide how a £1bn fund designed to boost regional growth will be spent, the Government yesterday announced.
Business and political leaders welcomed news that Sir Ian Wrigglesworth, chairman of the Port of Tyne, will be deputy chairman of the independent approval panel for the £1bn regional growth fund.
Tory grandee Michael Heseltine will chair the panel, which will consider proposals for funding in English regions and make recommendations to ministers as to which schemes should go ahead.
The two-year growth fund will support projects that offer potential for economic growth and create new private sector jobs in areas heavily reliant on public sector employment, such as the North East.
Deputy Prime Minister Nick Clegg 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 re-balance 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.” Sir Ian was announced as deputy chairman of the approval panel. Hugh Morgan Williams, chairman of the Washington-based Canford Group and senior CBI member, said: “What Ian brings to the table is 30 years of commercial and business experience gained in the North East.” He added that every scheme that Sir Ian had been involved in had prospered. But he warned the £1bn offered by the Government over two years did not go far enough.
Source: The Journal 26 July 2010
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