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

1. Let’s hear it for
the South West
Alistair Reekie
Government Office for the South West

2. Why are we where we are?
• Budget deficit
• Dislike of Big Government
• Dislike of Regions

3. Policy responses
• Localism
• Local Enterprise Partnerships
• Big Society
• Regional Growth Fund

4. Regional Growth Fund
Regional Growth Fund was launched by
publication of the Local Growth White
Paper on 28 October

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. 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. 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. 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. 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. 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. 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. 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. 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. Further sources of information
Web:
www.bis.gov.uk/policies/regional-economic-de
Email: growthfund@bis.gsi.gov.uk

15. Recognise this?

16. The seven Domesday Book regions
or ‘circuits’ 1086