The Regional Funding Allocations exercise is part of a long-term Government commitment to build a strong dialogue with regional and local partners in different parts of the UK to drive sustainable economic growth.
The RFA offers an opportunity for regions to enhance their input to policy development and public spending decisions to support sustainable economic development across the UK and help ensure that investments are focused on the right developments, at the right time. It will also help build the Government's understanding of the challenges that each region faces.
This RFA round represents a significant increase in funding compared with the first exercise with new streams such as transport block funding, English Partnerships funding and European Regional Development Funds now included. For the first time the RFA also asks for regions' advice on skills priorities as part of the overall package of advice.
The RFA guidance contains allocations for the funding streams under consideration for the current Comprehensive Spending Review period 2008/09 -2010/2011. It also gives indicative planning assumptions beyond 2011 to assist regions in undertaking long-term planning. In the South West, the allocation for 2008/09 - 2010/2011 is almost £2.6bn.
The process of preparing the Regional Funding Advice will be facilitated by the Government Offices. The advice will need to demonstrate that key regional and local players have been involved and are signed up to the priorities, objectives and implementation timetable. The deadline for regions to produce advice is by the end of February 2009.
This RFA exercise is being launched alongside The Yorkshire and Humber Economy: a joint response to changing economic circumstances. This is the first in a series of regional economic papers setting out how Government will be working with agencies across the different regions to support the local economy and help business and families through the tougher times ahead.
