Alistair Reekie gosw sw-regional-growth-fund-presentation


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Presentation by Alistair Reekie at South West Stakeholders meeting held on 9th November 2010.

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Alistair Reekie gosw sw-regional-growth-fund-presentation

  1. 1. Let’s hear it for the South West Alistair Reekie Government Office for the South West
  2. 2. Why are we where we are? • Budget deficit • Dislike of Big Government • Dislike of Regions
  3. 3. Policy responses • Localism • Local Enterprise Partnerships • Big Society • Regional Growth Fund
  4. 4. Regional Growth Fund Regional Growth Fund was launched by publication of the Local Growth White Paper on 28 October
  5. 5. RGF’s Objectives • To encourage private sector enterprise by providing support for projects with significant potential for economic growth and create additional sustainable private sector employment; • To support in particular those areas and communities that are currently dependent on the public sector make the transition to sustainable private sector led growth and prosperity
  6. 6. RGF Parameters • £1.4 billion • It will be allocated over three years (2011- 2014) • Applies to England only • It’s a Challenge fund, to be held over several rounds
  7. 7. RGF Parameters • Bids must meet at least one of the objectives • Minimum bid threshold of £1m • Is available to bids from the private sector and private/public partnerships (LEP can play a role in co-ordinating bids in the areas they cover but will not have preferred bidding status)
  8. 8. First round of bidding • The first Round will open with the launch of the fund, it closes on the 21st January 2011 • This will be a one stage process • With two bidding models: Projects and Packages of Projects • Successful bids notified in the Spring 2011 • Funds will be released on completion of pre agreed milestones
  9. 9. Bidding Models • Projects: Bids that will comprise individual projects that make a specific and significant contribution to the core aims of the RGF. These bids will individually need to meet the minimum bidding threshold. • Project packages: Bids that will be presented as a coherent package, bringing together a number of projects that make a specific and significant contribution to the core aims of the RGF. Collectively, each package must meet the minimum bidding threshold.
  10. 10. Bidding Models • Programmes: Bids from individual bodies or partnerships for strategic capital investment, whose collective aim meets the criteria of the RGF. This form of proposal is likely to be most workable for partnerships involving social enterprises, such as groups of Community Development Finance Institutions. Collectively, each package must meet the minimum bidding threshold
  11. 11. Independent Advisory Panel • Chaired by Lord Heseltine, Sir Ian Wrigglesworth Deputy Chair • Receives a two page summary of each bid, and a matrix of all the bids • Reviews the fund against the two objectives • Recommend to Ministers which bids should receive funding
  12. 12. Ministerial Committee • Chaired by the DPM, First Secretary to the Treasury, SoSs: BIS, DCLG, DfT, Defra • They make the final decision on which bids are successful • Make provisional offer that sets out basic terms and conditions
  13. 13. Due Diligence • Will vary according to the nature of the bidder • Detailed analysis of financial model • Detailed check of Business Plan • Confirmatory due diligence will be commissioned by the applicant from a third party
  14. 14. Further sources of information Web: Email:
  15. 15. Recognise this?
  16. 16. The seven Domesday Book regions or ‘circuits’ 1086