Vince Cable explains the idea behind Regional Growth Fund

The Deputy Prime Minister Nick Clegg and former Cabinet minister Lord Heseltine will unveil plans to invest £450m in businesses across England, which are aimed at creating or safeguarding 100,000 jobs.

The Regional Growth Fund has provisionally accepted 50 bids for support from firms and partnerships.

Business Secretary Vince Cable told the BBC the fund was "targeted at those areas which have got significant deprivation, or which may be hit by cuts and losses in public sector employment".

BBC News