Labour

Regional Growth Fund has created far more losers than winners - Umunna

Chuka Umunna MP, Labour’s Shadow Business Secretary, commenting on today’s Regional Growth Fund announcement, said:

“The Regional Growth Fund has created far more losers than winners across every region. With the Tory-led Government’s deep cut in funding for regional growth, hundreds of firms have been turned away empty handed.

“Of the firms which were successful from the first two rounds, almost three quarters (73 per cent) have still not received their money, and some were kept waiting for up to ten months after winning bids were announced in April last year. What was billed as the Government’s flagship growth policy has been beset by chaos and delay where we needed urgency in getting growth and job creation back in our regions. Instead of giving a boost to firms up and down the country, ministers have held back growth and created uncertainty.

“Labour’s five point plan for jobs would get our stalled economy moving again and help businesses, including through bringing forward infrastructure projects and giving small firms taking on new employees a one year National Insurance tax break.”