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UK government reveals £60 million funding for north-east economy

In a desperate attempt to revitalise and stabilise the economy of the north-east of England the UK government has today revealed a £60 million taxpayer funded investment into businesses in the region. This comes only days after the closure of a Teeside steel works with the loss of 1700 jobs, a massive blow to a region which has been under pressure for some time.

The £60 million being made available by the UK government will be split between various prominent businesses in the region as well as apprenticeships and support for people starting new businesses in the area. There are growing concerns that small to medium sized businesses around the UK are going to struggle in the latter part of 2009 and 2010 and indeed the proportion of job losses in the north of England, as a percentage of the whole of the UK, could rise in the short to medium term.

While there will be the expected accusations of political interference with regards to the £60 million funding programme, and the timing of the announcement, there is no doubt that businesses in the North of England do require additional assistance in the short term at least.

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