Heseltine's £1.4bn offer to businesses

He visited the AMP Technology Centre at the Advanced Manufacturing Park in Catcliffe as part of a series of Regional Growth Forums across the country.

The events are an opportunity for potential applicants to the fund to learn more about the bidding process.

Lord Heseltine is chairman of the Independent Advisory Panel, which will consider all bids for funding and make recommendations to ministers about which ones to back.

Speaking at the technology centre on Wednesday, he said that he was keen to will encourage entrepreneurs to put forward high-quality proposals that promised to unleash local talent and help communities flourish.

“I'm delighted to be here as an advocate for this important fund,” he said.

“The Regional Growth Fund presents an opportunity for businesses and entrepreneurs in Yorkshire to help shape their own economic future. 

“I hope today's roadshow will inspire people to think strategically about how this fund can deliver a positive change to their local economy, creating new jobs and benefits for local people.”

The Regional Growth Fund will operate over three years.

The first of at least three bidding rounds is currently open and the deadline for proposals is next Friday.

Further bidding rounds are expected to be announced shortly.

More information on criteria for the fund and the bidding process is available from www.bis.gov.uk/policies/regional-economic-development/regional-growth-fund.