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The Agency developed the Mayor's Economic Development Strategy
for London, Success Through Diversity, which sets out how this
will be achieved through economic growth, knowledge and learning,
diversity, inclusion and renewal, and sustainable development.
The LDA inherited a number of regeneration programmes.
These include the Single Regeneration Budget, the Skills
Development
Fund, London's Inward Investment Budget, London's Innovative
Cluster and Competitive Funds and sites previously managed
by the English Partnerships.
The LDA continues to support these inherited programmes
under the Single Pot. The money for these programmes
currently
makes up a large proportion of the LDA's total funding.
However, in future years the balance will change more
towards support
newly commissioned programmes as those which have been
inherited run their course.
The LDA is funded through central government but the money
to deliver the Economic Development Strategy comes through
the Mayor.
Some of the money received by the LDA is pooled into
a collective fund called the Single Pot. At the moment,
the
LDA is running
a number of inherited programmes for which the budgets
are already set. These included the Single Regeneration
Budget,
the Skills Development Fund, London's Inward Investment
Budget, London's innovation Cluster and Competitive
Fund and a number
of majopr development sites previously managed by English
Partnerships. However, as these programmes finish,
more and more funding
will become available for LDA commissioned projects.
The Single Programme budget for the London Development
Agency in 2002/03 is £300 million. The budget comprises central
government funds for regeneration, skills, land and property
development, inward investment and regional innovation.
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