The new round of RFAs worth over £87bn up to 2019, will allow regions to advise Government on their investment priorities for transport, housing, regeneration, and economic development against indicative regional funding allocations.
Northwest Regional Development Agency (NWDA) Chief Executive Steven Broomhead, speaking on behalf of all RDAs, said: "It is crucial that national Government departments and agencies have greater regard to regional priorities.
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"We welcome the announcement, which will see the regions having the freedom to decide how best to deliver a regionally agreed, coherent investment programme which aligns aspects of spatial planning, transport, economic development and housing, taking account of economic geography."
Mr Broomhead added: "The focus now will be for each region to outline short-term investment priorities to help their economies, along with medium and long-term plans to help ensure sustainable economic growth."
The RDAs, with partners, fed into the first Regional Funding Allocations exercise in 2005/06, which proved to be significant in aligning and setting out regional investment priorities, including the development of a 10-year programme of transport schemes that the Government is now enabling Local Authorities and the Highways Agency to deliver.
The new round of RFAs will expand the range of funding sources against which the Government is seeking advice including major transport schemes, the Regional Housing Pot, English Partnership funding, Housing Market growth Funds, the Community Infrastructure Fund, Thames Gateway funding and the RDA single budget.
Crucially, the new round will set out the critical skills investment required to drive forward economic growth.
(JM)(BMcC)
