Page 3: Advantage West Midlands - RDA
The present government recognises the importance of economic management of the various regions of the country, steered by local people accountable to locally elected regional bodies and supported by central government, as well as an overall framework for development of the European Union. Funds for regional development are provided by:
- the European Union
- the UK government
- local authorities.
The process of regenerating the West Midlands is being co-ordinated by Advantage West Midlands one of the eight Regional Development Agencies (RDAs) created in England by The Regional Development Agencies Act, 1998. A ninth; the London Development Agency, was created in 2001.
A Development Agency is a body corporate and can have between 8 and 15 Board members. The Secretary of State responsible for regional development decides the Chair of each RDA.
The purpose of each RDA is to do the following in its area:
- further economic development and regeneration
- promote business efficiency, investment and competitiveness
- promote employment
- enhance the development and application of skills relevant to employment
- contribute to the achievement of sustainable development.
An RDAs role relates to both the rural and non-rural parts of its area.
RDAs are expected to create strategies for the development and regeneration of its area, and to review these strategies continually with guidance from the relevant Government Minister. RDAs are expected to consult with locally elected regional chambers, and are financed through government grants, borrowing and loans.
Advantage West Midlands is the champion for economic regeneration acting with its partners as a catalyst for change to address the challenges and opportunities that the West Midlands faces in a global economy. Ultimately, the Agency provides regional leadership, investment and action to create more, better jobs and improve the quality of life in the West Midlands.