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South West RDA announces £¼ billion investment package for next
two years
08 June 2009
Agency focuses on priorities: a low carbon economy; meeting the
challenges of the recession; key places; innovation
Today (Monday 8 June) the South West RDA is confirming its
investment in a significant programme of capital investments across
the region over the next two years. Worth £260m (capital and
revenue), the RDA's investment programme will drive the region's
economy and help businesses, communities and people to prosper.
In response to pressures on its budget, the RDA has had to scale
back its total investment compared with the plans it made a year
ago. In some areas the RDA has had to take tough decisions to
reduce or withdraw from some planned projects, and will work with
stakeholders in these areas to minimise the impact of these
changes.
Jane Henderson, Chief Executive of the South West RDA, said:
"Today's announcements represent a significant investment programme
that puts in place the building blocks for further growth and
prosperity in years to come.
Like most businesses and families throughout the region, we have
had to tighten our belts and will not now be able to fund all the
investments we hoped we could. None of these choices has been made
lightly, and we regret the disappointment that will be felt by some
of our partners and stakeholders in having to scale back our
investment activity. Given limited resources, we have our sights
firmly focused on doing the things that are most important for
ensuring that the South West comes through the recession in the
best possible shape to succeed as a dynamic, sustainable and
thriving regional economy."
A more detailed list of projects in which the Agency will invest
can be found in the briefing document on the website.
Today's announcements are the results of a capital budget review
that the RDA initiated in March, and take place against the
backdrop of considerably reduced funding over the next two
financial years, beginning with the 2007 Comprehensive Spending
Review, followed by the subsequent redirection of Government
spending to other priorities, plus the impact of the recession.
The Agency's staff are meeting partners and stakeholders to
explain the impacts of these investment decisions, starting on the
morning of 8 June and continuing over the next few weeks.
Ends
Notes to editors:
1. The briefing document contains full details of the review
process and decisions by Area and Sector and is available from
What we
invest.
2. A full list of projects is also available from What we invest, outlining
the capital investments we will make over the next two-year
period.
3. The South West RDA leads the development of a sustainable
economy, investing to unlock the region's business potential. It is
helping companies respond to the economic crisis and charts a
course for recovery. The RDA is developing or expanding initiatives
which include: establishing a Business Loan Fund; coordinating the
response to large companies in difficulty; preparing for economic
recovery.
Contact Details
Name: James Harper
Tel: 01392 229547
Email: news.enquiries@southwestrda.org.uk