Osborne pledges billions for regional growth plan

Chancellor George Osborne is to pledge billions of pounds to put in place proposals by Lord Heseltine which have been designed to stimulate regional growth.

The No Stone Unturned proposals will cover three main areas – skills, but not apprenticeships, housing and transport. The focus will be on towns and cities outside of the capital.

Heseltine said that local infrastructure, worth £14.8bn until the end of the current spending period in 2015, employment services, business support services and innovation and commercialisation should all be covered.

Business secretary Vince Cable said: "The plans will boost the UK's competitiveness nationally and drive local growth through deals that we will be negotiating with every Local Enterprise Partnership.

"This support not only gives businesses certainty, but shows the government is determined to back those sectors where Britain can deliver and compete on a global scale in partnership with industry." George Osborne will reveal full details in his budget announcement on Wednesday.