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A new £1 billion Regional Growth Fund is to be set up to support enterprises in those areas of England which are most likely to be affected by cuts in public sector spending.

Both private and public sector bodies will be able to apply for funding under the scheme, which will operate from 2011-2013.

The Government hopes the move will help those communities which are most dependent on public sector employment make the 'transition to private sector-led growth'.

Unveiling the new Fund, Deputy Prime Minister, Nick Clegg, said: 'The Regional Growth Fund will create the conditions for growth and enterprise in the regions by stimulating investment and create sustainable private sector jobs.'

However, some business groups have expressed concerns over an apparent reduction in funding. David Frost, Director General of the British Chambers of Commerce, said: 'What's clear from the outset is that the Fund will have significantly less resources to support business growth than previous arrangements.

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