Local Government

The winners have been announced – but will the Regional Growth Fund make a lasting difference? Adrian Nolan gives his assessment

Yesterday saw the announcement of the winning bids from round one of the Regional Growth Fund (RGF) process.

In his preface to the local growth white paper last October, Nick Clegg gave ‘rebalancing’ pride of place in the coalition’s approach to economic development policy when he noted that ‘Governments of the past have contented themselves with growth concentrated heavily in some areas of the country… and within a limited number of sectors – notably, financial services. Yet the banking crisis and ensuing recession have proved that model is unsustainable. Crucially, it is also deeply unfair’.