When the Regional Growth Fund was unveiled Nick Clegg claimed that it would create 500,000 new jobs. Yet a scathing report from the National Audit Office says that it will only create 41,000 jobs. As Chuka Umunna said this morning:
“While Nick Clegg said the Fund would lead to half a million jobs, the report forecasts that it will create only up to 41,000 jobs, and many of them would have been created in any event without the RGF.”
Why don’t we look at the difference between those two numbers as a graph:
Under the RGF the cost per job is £33,000 – under Labour’s Future Jobs Fund (described by Cameron as as “expensive”), the cost per job was just £6,500.