19 October 2012 Last updated at 01:21 ET

Yorkshire and the Humber region to benefit from £50m

Industry in Yorkshire and the Humber region is set to benefit from more than £50m of government money.

The Regional Growth Fund (RGF) will allocate £26m for 11 projects in the region according to the Deputy Prime Minister and Sheffield MP Nick Clegg.

A further £25m of money will go to the Sheffield City Region Local Enterprise Partnership (LEP) alone.

LEP Chairman James Newman said the bid "brings together dozens of companies with robust plans for growth".

The money for Sheffield will create about 1,500 new private sector jobs by March 2015, the partnership claimed.

Analysis

Danni Hewson Business correspondent, BBC Yorkshire

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Nick Clegg's Regional Growth Fund has as many admirers as critics.

At its heart the multibillion-pound project is supposed to be a catalyst for job creation, particularly in areas where the economy is hardest hit.

It's interesting to note that Yorkshire's share of this £1bn pot is the third smallest - only the East Midlands and the South East get less cash this time around.

True there is additional money for four of our LEPs

But just look at Yorkshire's jobless figures and you could wonder why we've fallen so low on the pecking order.

The money is welcome, the businesses can now expand faster than they had thought possible.

Three other LEP projects will also receive government funding - two from the Leeds City Region and the Humber Local enterprise Partnership.

The RGF estimated the £26m will see up to 4,150 jobs created or safeguarded across the region in five years.

Among the 11 projects to receive money, Cementation Skanska Ltd of Doncaster, South Yorkshire, is to redevelop and expand a cementation and fabrication plant.

In East Yorkshire, J H Fenner & Co Ltd, of Hull, will construct a research and development headquarters.

Hydra-Valve Advanced Valve & Pipeline Solutions Ltd, of Flixborough, North Lincolnshire, is to invest in new capital equipment and recruit skilled engineers.

The RGF contains £2.4bn to be distributed across England by 2015. Its aim is to support projects levering private sector investment to create economic growth and sustainable employment.