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JUNE BUDGET: Government to set up regional growth fund

The coalition Government has announced plans to set up a regional growth fund to provide finance for regional capital projects over the next two years.

Announcing his emergency Budget earlier today, Chancellor George Osborne said: “We will announce the details shortly but priority will be given to projects that have the greatest impact on innovation and jobs.”

Mr Osborne hailed a “new approach” to regional development adding that the Government was now committed to funding four regional transport schemes including the upgrade of the Tyne and Wear Metro and the redevelopment of Birmingham New Street.