"There are more losers than winners in the North East from this Government’s growth fund." - Onwurah

Chi OwurahResponding to the Deputy Prime Minister Nick Clegg's visit to the North East today, Chi Onwurah MP, Labour's Shadow Business Minister and MP for Newcastle Central said:
 
“I welcome this investment, I have visited Proctor and Gamble’s facilities and seen for myself what a fantastic example of innovation it is. Unfortunately there are more losers than winners in the North East from this Government’s growth fund. The level of investment in the North East economy will be just a third of One North East’s budget because of this Government’s ideological cuts. And even the Chair of the Growth fund Michael Heseltine admits abolishing the RDAs was a mistake.
 
"I am also concerned at the time it is taking to get the money out to successful applicants to the growth fund. This money was announced 6 months ago, and in that time only 2 other businesses have received the cash. I would like to see the Government unblocking that money and then implementing Labour’s five point plan for growth with tax on bank bonuses to pay for an additional 5,500 jobs for young people in the region and increase the investment available to get the economy growing again.”

ENDS