Consultation on Investment Strategy
Investment Strategy Consultation 2011/12-2013/14 – from the London Development Agency
Our Investment Strategy sets out the strategic direction the London Development Agency will take to invest, innovate and influence for the capital’s economic development.
The radical improvements we have made as an Agency since May 2008 are delivering real and positive results. Over a year ago we said we would deliver fewer and larger projects – we would be investing on the basis of better returns and better value and working differently with our partners. This has happened and we will continue on this path in 2010/11 and beyond even though the LDA will cease to exist by 31 March 2012. Given increasingly limited resources, we have already become much more of a catalyst, an enabler and a strategic commissioner, rather than the funder of projects. We have become tougher, clearer and more consistent with the criteria that drive our investment decisions. Those processes and the rigour behind them will continue.
Like all public sector bodies we are facing tough reductions. We have already had to reduce our budget by over 20% in 2010/11 as part of the first tranche of reductions in our budget. We are facing further change as we expect the Mayor to be given more powers to provide simpler governance and greater transparency and accountability to Londoners. These changes include folding the LDA into the GLA, which means the LDA would cease to exist although its functions would continue. Greater efficiency will also mean that more resources can be used to stimulate the economy and support the disadvantaged through the recovery. We have worked closely with the Mayor to ensure that we get even more for every pound we spend.
To help us to understand the concerns and ideas of Londoners and our stakeholders in the private, public and voluntary sectors, we are launching a consultation on the LDA’s draft Investment Strategy.
The consultation will be open for comment for 8 weeks from 14 September 2010 to 10am on 10 November 2010. This consultation period is shorter than the usual 12 weeks. This is to allow us to take account of responses at the same time as we learn the outcome of the Government’s Spending Review, due on 20 October.
To view the draft Investment Strategy please visit our website, http://www.lda.gov.uk/work-with-us/consultation/. Responses to the consultation should be emailed to: consultation@lda.gov.uk