A FUND aimed at creating jobs and boosting local economies across England has led to £4bn of investment, the Government has announced.

The Coalition said its Regional Growth Fund had put more than £1bn into the hands of businesses, with a further £3bn from the private sector, supporting 8,000 companies. Nissan, Nifco, Cummins and Cleveland Potash are among firms in this region that have been pledged money from the scheme.

The fund has created or safeguarded more than 100,000 jobs and is on track to meet a target of over half a million by the end of the decade, ministers claim.

Critics of the fund say it is very slow at paying money to successful bidders and that ministers overestimate the number of new jobs it helps to create.

Business Secretary Vince Cable said: "So far, the Regional Growth Fund has secured £4bn investment in companies across England - this is a great achievement, helping people and businesses across the country and there is still more to come.

"It is proof that RGF is playing a pivotal role in developing innovative technologies, providing highly skilled jobs and giving businesses the confidence to invest in the UK."