Department for Business, Innovation and Skills
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RDA Annual Performance Reports Released
The Government today published annual performance reports for each of England’s Regional Development Agencies (RDAs). They showed that all of the RDAs are meeting the objectives, milestones and targets set out in their corporate plans.
This underlines the value of the RDAs following an independent study earlier in the year that showed overall, every pound invested by RDAs will generate at least £4.50 for their regional economies.
Rosie Winterton, Minister for Regional Economic Development said:
“These reports show that the Regional Development Agencies are playing a key role at the frontline of our response to the global economic downturn. They have risen to the immediate challenge of the recession with one eye firmly fixed on the future and the upturn.
“They have done this whilst achieving their corporate objectives for 2008/09 and improving the overall economic outlook for their regions. By working with their local and national partners, RDAs are making a real difference."
Speaking on behalf of England’s RDA’s, Richard Ellis, chair of the East of England Development Agency (EEDA), said:
“We’re pleased at the recognition given today to the important work done by regional development agencies. RDAs are delivering vital help and support to businesses during the recession. We have provided £110 million to fund national schemes to support business and we committed quickly to a range of practical measures designed to help SMEs, such as paying suppliers within 10 working days.
“RDAs have continued to invest to create the right environment for the growth of future and emerging economic sectors, such as low-carbon technologies, high-tech manufacturing and digital communications. To support tomorrow’s innovative businesses we are investing £1 billion between now and 2011.”
RDAs Key Achievements
BusinessLink
The RDA funded BusinessLink service has refocused its service to meet the immediate needs of businesses to survive and prepare for the upturn. Over the last year the service has nationally supported 942,166 businesses, the majority of which are Small and Medium Enterprises (SMEs) which are the backbone of the country’s business community. Businesses can now access a vast range of advice and support through the single BusinessLink portal.
Fiscal Stimulus projects
RDAs have voluntarily and collectively brought forward up to £100 million as part of the Government’s Fiscal Stimulus package. This is targeted at projects which will create a short term boost to the economy by ensuring that critical projects that would otherwise have slowed down or stopped continue as normal.
Area Action Teams
RDAs have been working jointly with a range of partners including Local Authorities, Job Centre Plus, the Learning and Skills Council and Citizens Advice Bureau to respond to companies in difficulty through the Area Action Teams. The primary focus is on redundancies and company closures, and they aim to minimise the impact of these and identify opportunities and sources of support to provide a co-ordinated response to the company and the individuals affected.
Transitional Loan funds
In November Lord Mandelson announced that English regions would introduce Transition Loan Funds (TLF) totalling £25 million. RDAs subsequently increased the funding available to just under £57 million. The TLF were introduced to address the particular circumstances of the current credit market.These have proved very successful since their launch, with over 280 loans, totalling more than £28 million, approved to date, safeguarding over 9,000 jobs.
Notes to Editors
Performance reports for each of the Regional Development Agencies are available here – http://www.berr.gov.uk/whatwedo/regional/regional-dev-agencies/rda-performance/page52452.htmlThe independent evaluation of RDAs undertaken by PricewaterhouseCoopers is available via - http://www.berr.gov.uk/rdaevaluationFor more information about England’s RDAs see http://www.englandsrdas.co
Department for Business, Innovation & Skills
The Department for Business, Innovation and Skills (BIS) is building a dynamic and competitive UK economy by: creating the conditions for business success; promoting innovation, enterprise and science; and giving everyone the skills and opportunities to succeed. To achieve this it will foster world-class universities and promote an open global economy. BIS - Investing in our future.
Contacts:
BIS Press Office
NDS.BIS@coi.gsi.gov.uk
Mark Malbas
Phone: 020 7215 5303
Mark.Malbas@berr.gsi.gov.uk
