Cuts Watch #7: Cuts in store for Regional Development Agencies
Business Secretary Vince Cable has said that Regional Development Agencies in the East and the South will face significant cuts. The budgets of SEEDA and EEDA look likely to see large scale reductions.
These cuts will lead to job losses, but also significant reductions in private sector investment, and concequently growth: EEDA’s most recent Annual Report notes that the £142 million of EEDA investment between 2002-2007 has created between £525 million and £820 million of wealth for the region. SEEDA report that between 2002-2007 every £1 they invested in the region generated a return of £5.60.