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A government fund set up to boost jobs has been hailed today by the business secretary.
The Regional Growth Fund (RGF) had faced criticism for taking too long to help firms in need of finance.
Vince Cable said the RGF will deliver 27,000 new or safeguard jobs and almost 100,000 jobs in supply chains.
Speaking at departmental questions, Cable said in April 50 bids were announced as successful as part of the fist round of the RGF.
He told MPs: "Over half of these projects have already started."
The business secretary said any delays had been down to "due diligence" checks to ensure cash would not be wasted, and said a second batch of money would be announced "imminently".
However, shadow business minster Gordon Marsden said: "Why don't we put the bunting out?
"Six months after 45 regional growth fund bids, only three of them have got the money - only 42 to go."
He accused the minister’s department of being "asleep at the wheel".
In response, Cable said: "I definitely think we should be putting the bunting out for the regional growth fund.
"Factories are being built, jobs are being created. This is what it's about."
He said cash grants only came later in the process, adding: "Are you seriously arguing we should dispense with controls over the spending of public money in the private sector?
"I know you did that in government, but we're not going to."
Construction Industry
Labour MP John Cryer asked what steps were being taken to support the construction industry.
In response, business minister Mark Prisk said that planning reforms including the national infrastructure plan and reform to procurement would help.
Shadow business minister Toby Perkins demanded action to boost building firms.
He said: "Britain's construction industry needs a lion at the wheel and we've got a tortoise who is sat still while building sites, while people in our construction industry, are put out of work."
Perkins referred to shadow chancellor Ed Ball’s 5 point plan to help the construction industry get moving, an approach he said was supported by the Federation of Small Business
In response, business minster Mark Prisk quoted an Aesop's Fable, he said: "As I recall, the tortoise beat the hare."
Royal Mail
Michael Connarty (Lab, Linlithgow and East Falkirk) asked what recent progress had been made on securing private sector investment in Royal Mail.
Consumer and postal affairs minister Ed Davey said the government was taking a staged approach to implementation. He said that pensions must be reformed.
Connarty pressed how much the post office pensions fund assets were worth.
In response, Davey said that a valuation would not take place until discussions with the European Commission have been completed. He said it is inappropriate to discuss ahead of that.
Lorely Burt (Lib Dem, Solihull) warned that there would be a rise in stamp prices. She felt it was ironic that the previous government criticised the changes to the Royal Mail as the regulatory regime had been set by Labour.
Tax Bills
During topical questions, Grahame Morris (Lab, Easington) asked the business secretary if he believed that tax evasion and tax avoidance was having a negative impact on economic growth.
In response, Cable said: "Absolutely and I'm resolute and I hope that my colleagues opposite will work with me in combating both."
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