Question
To ask Her Majesty’s Government how much of each of the first four allocations of Regional Growth Fund for the north-east has been spent.
Answered on
21 July 2014
The North East has been allocated £240.8 million across Rounds 1-4 of the Regional Growth Fund. This is expected to create or safeguard 25,700 jobs and leverage £1.1 billion of private sector investment. The table below shows the total allocation by Round, the amount that has been paid out and the amount spent. The North East has been allocated £57 million in Round 5.
Round | Allocation (£m) | Amount paid to date (£m) | Amount spent to date (£m) |
1 | £34.3 | £33.8 | £33.8 |
2 | £64.3 | £56.3 | £54.8 |
3 | £112.5 | £45.9 | £29.5 |
4 | £29.7 | £2.1 | £1.5 |
The difference in amount paid versus amount spent relates to those regional programmes, which are paid quarterly in advance, ahead of them administering grants to small and medium-size businesses in the region.