Blog: Heseltine defends Regional Growth Fund for jobs
Lord Heseltine defends the Regional Growth Fund.BBC Richard Moss: Heseltine defends Regional Growth Fund for jobs
The Growth Fund has already produced far more losers than winners.
In the first round there were 468 bids for £2.8bn - more than twice the total amount in the fund.
So in the end 45 succeeded, gaining £450m - a one in 10 hit rate.
A second round of bidding is now underway - with £950m available this time.
- Jon Sopel
- Richard Moss