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REGIONS MUST STOP FIGHTING FOR INVESTMENT

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Regional competition for big industrial projects, such as the Welsh Development Agency bid for Korean electronics f...
Regional competition for big industrial projects, such as the Welsh Development Agency bid for Korean electronics firm LG, has promted the government to prepare a treaty between the regions to stop public money being wasted on competition for investment.

The Financial Times (p15) reports that some regional development agencies have put in bids of millions of pounds to attract foreign industrial projects, and English regions say that Scotland and Wales get more selective assistance to help with bids, while the north of England still has the country's highest unemployment rate.

The situation has prompted prime minister Tony Blair to ask trade and industry secretary Margaret Beckett to sort things out, by stopping gazumping once an investor has expressed a preference for a location and to limit total packages.
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