By Max Clarke
Business and Enterprise Minister Mark Prisk has today published details of how Regional Development Agency (RDA) assets and liabilities will be sold and transferred over the coming months.
Launched in 1999, RDAs were vehicles for promoting sustainable economic growth in their region. Part funded by government, RDAs attracted large sums of private investment. The decision to abolish was confirmed last year, and they are set to be replaced by Local Enterprise Partnerships by March 2012 at the latest.
RDAs have developed detailed assets and liabilities plans setting out strategic options that will aim to achieve the best outcome for the local area whilst creating value for the public purse.
RDAs submitted these plans to the Department for Business, Innovation and Skills (BIS) on 31 January 2011.
Business and Enterprise Minister Mark Prisk said:
“It is our priority that the transition from RDAs to a new economic delivery landscape is as smooth, effective and efficient as possible.
“Part of this process is being clear to all interested parties about the precise process and the timeline we are working to.
“We want to ensure that the process provides the best use of tax-payer money, and that where other parties want to take on projects these will be both successful in their own right, and help the Government to boost growth.”
The RDAs plans are now being reviewed by the Government and agreed by the National RDA Transition Board. They will then be given final sign off by the RDA boards. It is expected that these plans will be implemented from April 2011.