Deputy prime minister Nick Clegg has announced a £1bn boost to the popular Regional Growth Fund (RGF) aimed at businesses and public private partnerships, and designed to boost local economies and create new jobs.

The extra finance takes the total value of the RGF to £2.4 bn.Mr Clegg also confirmed that 48 of the firms which were successful in the first two rounds of the scheme had now completed legal checks and would have access to funding, which aimed to lever in at least £5 of private sector investment for every £1 of public money.