By Max Clarke

Prior to the Government’s final removal of the Regional Development Agencies (RDAs) in 2012, Business Minister Mark Prisk has today announced RDA assets will be handed the Homes and Communities Agency (HCA).

“The transfer of RDA land and property assets to the Homes and Communities Agency underlines our commitment to making sure these assets are used to support economic growth and regeneration.,” commented Prisk.

While RDAs have been a success in their decade of operation, delivering an estimated £4.50 per £1 in government investment, they are being removed as part of the Coalition Government’s focus on devolving power from central government to local authorities.

“Through local enterprise partnerships, the Regional Growth Fund and Enterprise Zones, we are putting in place an efficient and locally driven model of regional economic development that ensures government support goes to where it can have most impact,” continued Prisk.

The HCA will use their expertise in land and property management to ensure that the assets are fully developed in a way which will help deliver economic growth and regeneration to local areas. The HCA will establish local committees made up of representatives from business, local enterprise partnerships, local authorities and others. This will allow local communities to influence the development of local assets.