Government announces economic development funding

Date: 23rd February 2010

Businesses working in low carbon manufacturing, green energy provision and urban regeneration could be among those who stand to benefit from a new investment announced by the government.

Earlier today, business secretary Lord Mandelson announced a £64.4 million investment package, which is set to be distributed though the country's nine Regional Development Agencies (RDAs).

Lord Mandelson said: "The RDAs are by far the best way for the government to secure future economic growth.

"Their Action Plan highlights how they are uniquely placed to help deliver our strategies for economic recovery, job creation and business success throughout the country."

The business secretary went on to explain that for every pound RDAs spend, £4.50 is put back into the local economy.

According to government figures, RDA spending has created more than 850,000 jobs and helped to start up almost 60,000 new businesses.

Lord Mandelson added that the funding has "ensured that people across the country are able to benefit from new economic opportunities in their region."