Local MP Marcus Jones has welcomed the Government’s announcement that over 100,000 new jobs will be created and safeguarded under plans to invest £450m in businesses across England.

The first round of the Regional Growth Fund (RGF) will support 50 bids by companies and partnerships who demonstrated how they would create jobs and a high level of private sector-led sustainable economic growth in their local communities over the coming years.

The Government expects over 27,000 jobs to be directly created and safeguarded, with close to a further 100,000 jobs in associated supply chains and local economies.

The second round of the fund opens to bids today (Tuesday April 12). This round will aim to allocate the remainder of the fund (nearly £1bn).

The £450m being invested by the Government through the first round of the RGF is expected to leverage more than £2.5bn of private sector investment. The RGF is a £1.4bn fund which is designed to encourage enterprise, growth and jobs in the private sector and support areas and communities that are dependent on the public sector.

Marcus Jones, the MP for Nuneaton, has welcomed the news today that a number of businesses in the West Midlands region are set to benefit from the fund. These include Alstom Grid UK, Bosch Thermotechnology Ltd, Jaguar Land Rover and the Prince’s Regeneration Trust. Combined, they will create 6193 direct jobs and 34,669 indirect jobs.

Commenting on the news, Marcus Jones said: “The £450m of Regional Growth Fund announced today, which levers in around £2.5bn of private sector investment, supports projects delivering real jobs on the ground now. It shows that the Government is getting actively behind the private sector to rebalance our economy."