Nick Clegg intvw on Regional Growth Fund

Nick Clegg intvw on Regional Growth Fund; re SUCCESSFUL FIRMS IN SHEFFIELD - a pot of money, 25 million pounds - help small projects - i can tell you the precise re NO FIRM IN SHEFFIELD - the local enterprise - it will give to local companies - we give the money - the local enterprise decides - really smart way - gets into the hands of people re SCHEME IS BEING GOING A FEW YEARS - its there to disperse the money - City deal - with leaders - half a billion pounds to Sheffield - redevelopment of the city center - this is just one of many things re WHAT HAS HAPPENED THOUGH /THESE SCHEMES HAVEN'T CREATED THE JOBS - the public accounts committee - quite misleading - set of criticisms - there is a n old fashion view - the money can only work - with a cheque in hand - 90 per cent of the recipients - perfectly happy - some of the companies might not want to move as fast as other - they have decided they want ot proceed more slowly - ready up and running - when jobs are being creating re ONLY 16 MILLION REACHING BUSINESS - imagine for a minute if you're a company - you get a promises from the government - you can start to invest in that machinery - the projects have already started on the ground re BANKS - in banks - we think that it's an effective way - identify the specific small companies - proving to be highly successful re WASTE OF MONEY - she's wrong - 90 per cent of the companies have said they re happy - let me explain once again - you dont need the check in hand - that's the old fashion labour way - by identifying successfull projects