On the introduction of Regional Growth Funds to replace to RDA’s, Bruce Owen, a Manchester-based planning and development partner, adds: “Looking forward it is clear that investment for ongoing physical and economic development is going to have to come from effective partnerships with the private sector. It is right therefore that the establishment of investment priorities is to be returned to locally accountable bodies that are empowered to use assets and fiscal instruments, such as TIF's, in ways that best meet local needs.”
Deputy Prime Minister Nick Clegg today said the regional growth fund would be available for 2011-12 and 2012-3 to help "areas most dependent on public sector employment as the country makes the transition to private sector-led growth and prosperity".
Clegg said: "The regional growth fund will create the conditions for growth and enterprise in the regions by stimulating investment and create sustainable private sector jobs".
Plans for new local enterprise partnerships - which will replace RDAs – have been outlined by Business Secretary Vince Cable and Communities Secretary Eric Pickles in a letter to councils and businesses which comes ahead of a White Paper on "sub national growth" later in the summer.
ENDS