Ian Mearns
Main Page: Ian Mearns (Labour - Gateshead)Department Debates - View all Ian Mearns's debates with the Department for Education
(12 years, 1 month ago)
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Jo Swinson
We certainly will. We are always happy to learn from and share experiences with other countries. Indeed, my right hon. Friend the Business Secretary has been looking at the issues of corporate governance. I know that my hon. Friend has had a strong career with the John Lewis Partnership, which is one of the better known examples of employee ownership, but of course there are many other great examples of British companies that do that, and we are looking forward to promoting that more widely.
Ian Mearns (Gateshead) (Lab)
9. When he expects all bidders from the first round of the regional growth fund to receive the funds allocated to them.
The Minister of State, Department for Business, Innovation and Skills (Michael Fallon)
The regional growth fund is a three-year fund and we expect all the £2.4 billion allocated to be fully spent in that time. In round 1, 44 of the 67 contracts awarded have been finalised, totalling some £340 million, of which £220 million has already been drawn down. Of the other 23, 11 have been withdrawn and the remaining 12 are being processed.
Ian Mearns
I welcome the Minister of State to his new role. Having formerly been the MP for Darlington, at least he knows where the north-east is.
The regional growth fund has been mired in delay, chaos and confusion and, for some companies, no little uncertainty. How can we be certain, despite yet more reassurances, that winning bidders will receive their long-awaited awards?
Michael Fallon
My predecessor, the hon. Member for Hertford and Stortford (Mr Prisk), can be proud that rounds 1 and 2 of the fund now involve some 149 projects and programmes, delivering about 330,000 new jobs and drawing in nearly £5 billion of private investment. The bid for Gateshead college in the hon. Gentleman’s constituency was successful in round 2. A final offer letter was sent to the college at the end of July, and the money is there waiting for the college to take it up.