The Regional Development Agencies have a number of programmes aimed at improving the provision of venture capital to promote economic development within their regions. The following tables show the total budget and actual expenditure, for regional venture funds only, for each of the Regional Development Agencies funded from within their core funding from 2000-01 to the current financial year.
2000-01 2001-02 2002-03 2003-04 RDA Budget Actual spend Budget Actual spend Budget Actual spend Budget Actual spend Advantage West Midlands 0 0 0.2 0.2 2 2 4 4 East of England Development Agency 0 0 0 0 0.3 0.3 0.3 0.1 East Midlands Development Agency 0 0 0 0 0 0 3 3 London Development Agency 0 0 0 0 0 0 0 0 North West Development Agency 0 0 0.3 0.3 1 1 3 3 One North East 0.5 0.5 0 0 0 0 9 9 South East England Development Agency 0 0 0 0 0 0 0 0 South West Development Agency 0 0 0 0 0 0 0 0 Yorkshire Forward 0 0 0 0 0 0 5 5
2004-05 2005-06 2006-07 RDA Budget Actual spend Budget Actual spend Budget Actual spend to date Advantage West Midlands 0 0.1 10 10 8 7 East of England Development Agency 0.5 0.6 0.4 0.3 0 0 East Midlands Development Agency 0 0 0 0 2 2 London Development Agency 0 0 2 2 5 3 North West Development Agency 4 4 3 3 2 1 One North East 0 0 0 0 8 1 South East England Development Agency 0.2 0.2 0.9 0.9 1 0.5 South West Development Agency 0 0 0 0 0 0 Yorkshire Forward 0 0 1 1 0.5 0.3
In addition, the DTI has also established funds in each of the regions under the Regional Venture Capital Fund programme. These funds address the equity gap, a national market failure in the provision of venture capital, through measures which include local management of investment.