HM TREASURY News
Release (PN 84/08) issued by The Government News Network on 30 July 2008
Today, the Chief
Secretary to the Treasury, the Rt Hon Yvette Cooper MP, launched a
new programme of regional engagement, consulting on how various
agencies can work together to provide a strong regional response
to the changing economic circumstances, and provide support for
regional business and households. The launch also provided the
opportunity to seek advice from regional and local partners on the
investment priorities for over £22bn of regional economic
development to be spent across England over the coming years.
Launched at the headquarters of the Yorkshire and Humber Regional
Development Agency (Yorkshire Forward), the framework for this
ongoing work was set out in a joint paper, The Yorkshire and
Humber economy: a joint response to changing economic circumstances.
This is the first in a series of papers to be published by
Regional Development Agencies and other regional bodies, in
conjunction with the Treasury and the Department for Business,
Enterprise and Regulatory Reform, and also provided the
opportunity for the announcement of new support for financial
services and manufacturing business in Yorkshire, as well as
expanded rapid response teams to ensure that anyone made redundant
in the region can quickly re-enter the labour market.
Speaking at today's event, Yvette Cooper said:
"Global economic problems mean that businesses and families
in every region will face tougher times ahead, but our regional
economies are much stronger now after years of investment and
growth. So we are determined that Government, along with regional
and local agencies, will work to ensure that businesses and
households get the support they need. Looking ahead, we need to
continue to make the investment that has supported regional
regeneration and growth in the past, to ensure that growth
continues well into the future."
The Government is today launching the second round of the
Regional Funding Advice (RFA) exercise, by publishing Regional
Funding Advice: guidance on preparing advice. It is seeking views
on how the £22bn of regional economic development should be spent
in support of their long-term priorities, including for elements
of transport, economic development, housing and regeneration and
to support sustainable economic growth. The advice will enhance
the regions input into policy development and public spending
decisions that affect the regions.
Notes for Editors
1. Today the Government and Yorkshire Forward published,
Supporting businesses in Yorkshire and humber - A joint response
to changing economic circumstances: http://www.hm-treasury.gov.uk/documents/uk_economy/regional_economies/ukecon_economy_regional.cfm
This is the first in a series of documents to be produced in each region
2. The Review of Sub National Economic Development and
Regeneration announced that the Government would run a second,
expanded RFA exercise, building on the 2005-06 exercise. Today,
the Government has published Regional Funding Advice: Guidance on
preparing advice. The guidance provides indicative funding
allocation for transport, economic development, housing and
regeneration investment in each region and seeks their advice on
priorities for development within these streams. The guidance also
sets out how regions should integrate skills advice alongside
other investment decisions. The funding streams have been
projected forward to provide regional partners, businesses and the
third sector with a stable investment framework in which to work
and plan. This document can be found at: http://www.hm-treasury.gov.uk/consultations_and_legislation/devolving_decision_making/regional_funding_advice.cfm
3. This round of the RFA contains almost double the funding
included in the first exercise; with new streams such as transport
block funding, English Partnerships funding and European Regional
Development Funds. For the first time, the RFA also asks for
regions' advice on skills priorities as part of the overall
package of advice.
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