§ Mr. Peter AtkinsonTo ask the President of the Board of Trade if he has yet considered the business plans of the English regional development organisations; and what level of financial support he proposes to offer for 1995–96. [16084]
§ Mr. EggarI am pleased to announce a 53 per cent. increase in funding next year to attract inward investment to the English regions.
Grants for the eight regional development organisations will be £8.551 million in 1995–96, compared with £5.605 million for the previous year. The increase reflects the real importance that the Government attach to maintaining and developing Britains place as the preferred location for investment in the EU. It is apparent from their performance that they continue to play an important and successful role in attracting inward investment to Britain.
194WI am also pleased to welcome the setting up of a new regional development organisation for the west of England which is planned to begin operation in the autumn.
RDOs have been working closely with my Departments Invest in Britain Bureau. The increase in funding will allow them to continue and step up their activity to attract further investment over the next year, in the face of European and global competition. I have allocated the grant aid as follows:
RDO 1995–96 grant £000 Percentage share of total grant Northern Development Company (NDC) 1,650 19.3 INWARD Ltd. (in the North West) 1,378 16 Yorkshire and Humberside Development Association (YHDA) 1,400 16.4 West Midlands Development Agency (WMDA) 1,118.2 13.1 Devon and Cornwall Development International (DCDI) 895 10.5 East Midlands 800 9.4 London First Centre 1,000 11.7 West of England Development Agency 310 3.6