Economic development and regeneration
What is the London Development Agency?
The London Development Agency (LDA)
works for the Mayor, co-ordinating economic development and regeneration
across the capital. With a budget of £300 million, it promotes business
and works in partnership with industry, the public and voluntary sectors
to create opportunities so all can benefit from London's economy. Established
in July 2000, the LDA joins the eight regional development agencies previously
set up in England. The LDA shares the same powers, as set out in the Regional
Development Agencies Act 1998 and the Greater London Authority Act 1999
(primarily Part V and Schedule 25), but is answerable to the Mayor rather
than the Secretary of State.
What does the LDA do?
The LDA's statutory purposes are to:
- further the economic development and regeneration
of London
- promote business efficiency, investment and competitiveness
in London
- promote employment in London
- enhance and develop the skills of local people
- contribute to sustainable development.
In July 2001 the LDA published the first Economic
Development Strategy, entitled 'Success
Through Diversity'. This was superseded in January 2005 by the current
Economic Development Strategy,
'Sustaining Success'.
The LDA also manages various funding
programmes and carryies out regeneration projects where it owns
land, such as in the Royal Docks, one of Europe's largest regeneration
sites, and at Woolwich Arsenal. Other LDA publications include:
Who runs the LDA?
A board is appointed by the Mayor to run the LDA. The board members are listed on the LDA website.
What funds does the LDA have?
Funds to deliver the economic development and regeneration strategy are
routed through the Mayor. The budget comprises central government funds
for regeneration, skills, land and property development, inward investment
and regional innovation. These funds will be merged in 2002/3 into a single
pot to be used by the LDA in support of its strategy.
What does the Mayor do?
- directs the LDA to prepare an economic
development and regeneration strategy for London subject to his
guidance and consistent with other strategies; consults
on the draft strategy then publishes and keeps it under review
- gives directions and guidance to the LDA on the
implementation of the strategy and the exercise of its functions
- appoints the LDA Board, its Chair and the Chief
Executive
- sets the administration budget for the LDA and ensures that programme
funds from central government are properly managed.
What does the London Assembly do?
- is consulted on appointments to the LDA Board
- is consulted on the Mayor's draft strategy
- inspects and approves the Mayor's budget and receives the LDA's audited accounts
- scrutinises the performance of the Mayor and the LDA
- may provide some Assembly members to sit on the LDA board.
What do the boroughs do?
- work closely with the Mayor and the LDA to develop and take forward the Mayor's economic development and regeneration strategy for London
- retain powers to promote economic development and regeneration in their local areas.
Further information
LDA website www.lda.gov.uk
You can contact the LDA at:
Palestra
197 Blackfriars Road
London SE1 8AA
Reception 020 7593 8000
Fax 020 7680 2040/2014
Email info@lda.gov.uk
For more information on Regional Development Agencies, contact the Department for Transport, Local Government and the Regions (DTLR) - see www.local-regions.dtlr.gov.uk/rda/.
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