Magazine article Public Finance

RDAs of Little Use to Business, Say Company Directors

Magazine article Public Finance

RDAs of Little Use to Business, Say Company Directors

Article excerpt

Business leaders have dismissed regional development agencies as irrelevant to the success of their companies, saying they do not understand their role or even why they exist.

The Institute of Directors said its members were 'unimpressed' with the nine RDAs, set up by the government six years ago to kickstart economic regeneration in the English regions. The institute says the agencies, which have a combined annual budget of more than £2bn, have little awareness of the real needs of businesses.

The loD surveyed 500 of its members and found that 82% had had no contact with their local RDA in the previous year, while 30% did not even know its name. Of those who did, just 8% thought their local RDA understood the support their firm needed.

loD business policy adviser Mike Harris said that, while the RDAs did some good work, they needed to focus their activities much more tightly and concentrate on providing practical initiatives to foster business growth and support entrepreneurs. …

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