The first real clarity on the Impact of the Cuts on Grants has emerged from the South West RDA as below:
In summary Grants will be cut by 20%; and operating costs trimmed back by 10%;
England's RDA network (outside of London) has been asked to make savings of £270 million in their investment programmes in this financial year, as part of the coalition Government's priority of cutting the budget deficit and reforming public services.
That cut amounts to about 20 per cent of the network's programme budget for the year. In addition, the RDAs will also have to make further savings of at least 10 per cent from our running costs this year.
How those savings will affect individual regions is still under consideration, but for South West England this will mean at least a £23 million reduction in the money available for projects in the region. This will inevitably impact on businesses and communities.
All the RDAs are currently reviewing their funding commitments and will be discussing the implications and the next steps with BIS (the Department for Business, Skills and Innovation). Recent comments from the Secretary of State for Business - Vince Cable - indicate that the level of cuts will be deeper in the South and East of England, which is likely to include the South West, as the North and West Midlands are to be 'relatively protected' from the cuts this year.
Jane Henderson, chief executive of the South West RDA, has pledged that the RDA will make the strongest possible case for protecting key investments and levels of support in the region.
Content was kindly provided by Bob Watson at www.support2business.co.uk
Should you want to ask questions about any Grant Assistance, please drop me an email at laurence@exigent-uk.com
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