Most of Regional Growth Fund Unspent

More than three quarters of a government fund set up to boost regional economies remains unspent, according to a new report. The National Audit Office (NAO) also says the cost of creating new jobs via the fund has increased. Its progress report says that of the £2.6bn allocated via the Regional Growth Fund (RGF), only £492m has so far actually reached projects. The NAO also says the number of jobs created or protected since the fund was set up in 2012 had increased by 22,100 to 44,400. But it reports the average cost of creating each additional job now stands at £37,400 - an increase of 13% since the fund started. Around half of those jobs, the NAO says, were covered by just five of the 291 operational schemes. Read more on the BBC website.