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Regional Economic Public Service Agreement


Introduction

Globalisation and technological change have had significant impacts on sub-national economic performance in different parts of England and further changes are inevitable. Finance and people are increasingly mobile, therefore the assets of regions are becoming even more important in attracting and retaining business and skilled workers.

To help ensure that regions are given the best platform to compete in the global economy the Government set the Regional Economic Performance (REP) Public Service Agreement (PSA). The Regional Economic Performance PSA aims to:


''Improve the economic performance of all English regions and reduce the gap in economic growth rates between regions."


This reflects the Government’s objectives for increasing economic growth rates in all parts of the country and reducing disparities to ensure there is opportunity and security for all, with rising prosperity and a better quality of life.  To achieve these objectives every part of the country needs to reach its economic potential.  Achieving these objectives will help strengthen social cohesion and ensure all can benefit from increasing national prosperity.


To achieve this aim we are working to:

  • Tackle market failures (which occur when goods and services in the economy are not allocated efficiently) in the underlying drivers of economic growth (skills, innovation, enterprise, investment, competition and employment) to create the right conditions for growth and;
  • To devolve decision-making, including to the Regional Development Agencies.


We work closely with partners in the regions and across Whitehall to ensure that regional policy aims are considered in the development and delivery of their policies.

Progress on this target is tracked using four main indicators of:

  • Gross Value Added (GVA) per head growth rates;
  • Regional GDP per head levels indexed to the EU-15 average;
  • Regional employment rates of working age people;
  • Regional GVA per hour worked indices.


Beneath these headline indicators, we will monitor performance across a suite of supporting indicators. The statistics used to monitor the PSA are available here

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