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In December 2007, PricewaterhouseCoopers LLP (PwC) was appointed by the Department for Business Enterprise and Regulatory Reform (BERR) and the Regional Development Agencies (RDAs) to:
On 31 March 2009, PwC published its report in two volumes. The first volume provides an overall assessment of the RDA network. The second volume provides a summary of the evidence for each of the nine RDAs.
PwC conclude that there is credible evidence that all RDAs have generated regional economic benefits which exceed their costs. This is especially so if account is taken of the potential persistence of the benefits and of future potential benefits, although there are inherent uncertainties in these estimates. Across all interventions the annual impact on GVA resulting from jobs which have already been created or safeguarded is broadly equal to the cost, but if allowance is made for the expected persistence of these benefits, then every £1 of RDA spend will add £4.50 to regional GVA
The picture, however, is varied. On the one hand, some projects and programmes have already achieved regional benefits in excess of costs, notably in the area of business support. On the other hand, some interventions have not yet achieved regional economic benefits in excess of their costs, although the majority of them have the potential to do so if the expected benefits arise. This is especially true of many physical regeneration projects/programmes where the investments are expected to deliver longer term benefits.
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