The £1bn fund to promote private enterprise in regions hit by public sector cuts will, undoubtedly, be of great benefit to the North, which currently has a disproportionate number employed in the public sector compared to the private sector.
The Regional Growth Fund will be open to firms and public-private partnerships in areas most dependent on public sector employment.
It is imperative that enterprise and entrepreneurial individuals are encouraged and nurtured and that is why this fund is such good news for the North.
The emphasis with the fund, and the establishment of local enterprise agencies, which will focus on planning and housing, local transport, infrastructure, employment and enterprise, will be to reduce the burden of bureaucracy as much as possible.
This is a welcome move as the last thing private enterprise needs, particularly in the current economic recession, is to have plans for growth and development stifled, and or even entirely killed off, by an over-proliferation of red tape.
David Cameron during the election campaign said that “the size of the state” had become too big in some regions such as Northern Ireland and the North-East.
It is reassuring to see the new coalition Government is taking the necessary action to encourage the private sector in such regions.
The Growth for Enterprise Fund will stimulate conditions for growth and enterprise in regions like the North by triggering investment to help create sustainable private sector jobs.