Nick Smith
Main Page: Nick Smith (Labour - Blaenau Gwent)Department Debates - View all Nick Smith's debates with the Department for Education
(11 years, 4 months ago)
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Michael Fallon
I certainly will. I am grateful to my hon. Friend for reminding the House that the fourth round of the regional growth fund is now open. I urge any colleague in the House to encourage potential applicants to apply before 20 March, not least because the fund is proving good value for money. In the north-west it is leveraging in some £5.50 for every £1 of public money spent—some 10 times the proportion of the unlamented regional development agency.
Nick Smith (Blaenau Gwent) (Lab)
Will the Minister confirm that the average cost of jobs created by regional growth funds such as that in the north-west is £33,000? This is more than the cost of jobs created by the regional development agencies, which the Government abolished.
Michael Fallon
No, I cannot confirm that figure. This is taxpayers’ money for projects that would not otherwise go ahead. They are recommended by an independent advisory panel as good value for money and they are subject always to proper due diligence.