Business secretary Vince Cable has defended the Government's decision to allocate £2bn over five years to boost economic growth, rather than the £50bn called for by Lord Heseltine in last week's spending review.

Speaking at the 2013 LGA conference, Mr Cable said that while the funding for the single growth capital pot was substantially lower than expected, local enterprise partnerships (LEPs) did have access to other sources of funding such as the regional growth fund and European Structural Funding.