Regional Development Offices (Amendment) Bill

A

BILL

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Amend the Regional Development Offices Act to include expansive objectives and provisions for the Investment Fund, and for connected purposes.

BE IT ENACTED by the King’s Most Excellent Majesty, by and with the advice and consent of the Lords Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows —

Section 1: Amendments

(1) The Regional Development Offices Act is amended as follows.

(2) Section 3 ‘Investment Fund’ is repealed.

(3) Insert after ‘Section 2 Duties’ and renumber and retitle where necessary —

Section 3: Establishment of Investment Fund
Each Regional Development Office shall retain management and administration of an established Regional Investment Fund.
2. There shall be two Regional Investment Fund Bands —
(a) Band A: worth a value of £10,000,000, and
(b) Band B: worth a value of £5,000,000
Section 4: Objectives of Investment Fund
The Investment Fund shall support the following objectives —
(a) a more competitive economy by promoting innovative and smart economic transformation and regional connectivity by —
(i) developing and enhancing research and innovation capacities and the uptake of advanced technologies;
(ii) reaping the benefits of digitisation for citizens, companies, research organisations and public authorities;
(iii) enhancing sustainable growth and competitiveness of SMEs and job creation in SMEs, including by productive investments;
(iv) developing skills for smart specialisation, industrial transition and entrepreneurship; and
(v) enhancing digital connectivity;
(b) a greener, low-carbon transitioning towards a net zero carbon economy by promoting clean and fair energy transition, green and blue investment, the circular economy, climate change mitigation and adaptation, risk prevention and management, and sustainable urban mobility by —
(i) promoting energy efficiency and reducing greenhouse gas emissions;
(ii) promoting renewable energy;
(iii) developing smart energy systems, grids and storage;
(iv) promoting climate change adaptation and disaster risk prevention and resilience, taking into account eco-system based approaches;
(v) promoting access to water and sustainable water management;
(vi) promoting the transition to a circular and resource efficient economy;
(vii) enhancing protection and preservation of nature, biodiversity and green infrastructure, including in urban areas, and reducing all forms of pollution; and
(viii) promoting sustainable multimodal urban mobility, as part of transition to a net zero carbon economy;
(c) more social and inclusive nation by —
(i) enhancing the effectiveness and inclusiveness of labour markets and access to quality employment through developing social infrastructure and promoting social economy;
(ii) improving equal access to inclusive and quality services in education, training and lifelong learning through developing accessible infrastructure, including by fostering resilience for distance and on-line education and training;
(iii) promoting the socioeconomic inclusion of marginalised communities, low income households and disadvantaged groups, including people with special needs, through integrated actions, including housing and social services;
(iv) promoting the socio-economic integration of foreign nationals with settled status, including migrants through integrated actions, including housing and social services;
(v) ensuring equal access to health care and fostering resilience of health systems, including primary care; and
(vi) enhancing the role of culture and sustainable tourism in economic development, social inclusion and social innovation;
Section 5: Operations of the Investment Fund
The Regional Investment Fund shall invest in schemes that meet the following criteria of —
(a) measurable socio-economic benefits in their specific region of operation,
(b) efficient allocation of resources and funds,
(c) compliance with legal guidelines and parameters, and
(d) makes responsible use of funds.
2. Following the end of each financial year, the Regional Development Office shall produce a report detailing —
(a) the total schemes supported and all related information,
(b) how the meeting of criterias set were achieved,
(c) justifications of supported schemes in relation to set objectives and criterias,
(d) balance of funds, and
(e) any faults or difficulties encountered in operations.
3. Pursuant to paragraph 2, reports produced shall be published both publicly and to the relevant Secretary of State.
4. Surplus funds by the end of the financial year shall rollover into the successive year’s Regional Investment Fund.

(4) ‘Section 4 Funding’ is repealed

(5) Amend and renumber ‘Section 4 Funding’ to read —

Section 6: Funding
Each Regional Development Office shall be allocated an annual administrative budget under the relevant Department, in which —
(a) the size and it’s remit are to be at the discretion of the Secretary of State; and
2. Each Regional Investment Fund shall be allocated an annual budget under the relevant Department, in which —
(a) funds, whilst separate to the administrative budget in paragraph 1, are to be administered by the respective Regional Development Office, and
(b) the size is at the discretion of the Secretary of State.

Section 2: Extent, Commencement, and Short title

(1) This Act extends to England and Wales.

(2) The provisions of this Act shall come into force the day this Act is passed.

(3) This Act may be cited as the Regional Development Offices (Amendment) Act.

This bill was submitted by u/Waffel-lol on behalf of the Liberal Democrats

Referenced Legislation

Regional Development Offices Act, 2021

Opening Speech —

Deputy Speaker,

First and foremost, I want to recognise the great work by the now Prime Minister on their work with the original bill in establishing Regional Development Offices and their subsequent Investment Funds.

Regional inequality presents itself in an array of ways and across a range of socio-economic levels. Despite being a developed nation, these inequalities especially in key industries for our future display some of the highest levels of disparities. We cannot allow that to continue and we must ensure regional development acts in an appropriate and targeted manner to have the most effective results.

What my amendment bill does is to improve the parent bill by including and expanding the objectives of the Regional Investment Fund to meet what crucial aims we should be setting and supporting for economic activity and development going forward. Plus some slight wording changes for clarity. The included aims range from supporting green and sustainable growth, greater socio-economic inclusion for disadvantaged communities, and the development to improving digital connectivity. These range of objectives - in accordance with the values our nation and the global community hold - reflect the direction we ought to guide regional development in. Some of the most underdeveloped areas in which inequality persists are that I have worked to include through this bill

This Division shall end on the 3rd at 10PM