A £1 billion employment boost has been announced by the UK government.

Revealed in the Chancellor of the Exchequer's Autumn Statement last week, the increase to the Regional Growth Fund is hoped to support around 500,000 new jobs.

Business secretary Vince Cable said: "This fund is helping businesses across the country to create jobs - giving them the support they need to turn new ideas into actions that will drive their growth and future success."

Now standing at £2.4 billion, the Regional Growth Fund has already helped to create some 244,000 jobs in Britain through new innovative projects in the construction and development sectors.

Meanwhile, deputy prime minister Nick Clegg has predicted the scheme could see half a million new roles created by the end of the current parliament alone.

According to the most recent figures from the Office of National Statistics, there are still currently 2.62 million unemployed people in the UK, making the number of those out of work being at its highest level since 1994.

Posted by Alex Donnell