He made the comments after the announcement of a £1 billion boost to the Regional Growth Fund in the chancellor's Autumn Statement last week, meaning the total fund now stands at £2.4billion in total.
There are also set to be at least two further rounds of bidding, with the next round opening during February 2012, and Mr Clegg said the focus of the fund will remain on creating jobs, encouraging private investment and supporting areas dependent on the public sector.
He elaborated: "With this targeted support for companies we're unlocking private sector investment, with at least £5 put in for every £1 of public money.
The deputy prime minister noted that the pots of funding are already "jump starting" growth and creating jobs across the country, which is helping to rebalance the economy so that all regions and sectors benefit.
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Posted by Wayne Bly
Source: The Sales Director News