The Treasury has backed new support measures designed to help regions weather what it warned would be 'difficult times for the UK economy in the coming months'.

The initiatives include funding for 'rapid response teams' run by each of the nine English regional development agencies that will help people made redundant find new jobs.

Yorkshire Forward, the agency for Yorkshire and Humberside, kicked off the initiative by allocating £10m to advise manufacturers on how to become more efficient and to promote Leeds as a centre for financial services.

The agency also revealed plans to launch a new regional venture capital fund to provide funding for smaller firms looking to grow.

Daily Telegraph