The LDA was formed in July 2000 as the catalyst for the economic development of London. The LDA is one of nine Regional Development Agencies across the country but is answerable to the Mayor rather than the Government. The Mayor appoints the Board, its Chair and Chief Executive.
The LDA's statutory purposes are to:
- Further the economic development and regeneration of London
- Promote business efficiency, investment and competitiveness in London
- Promote employment in London
- Enhance and develop the skills of local people
- Contribute to sustainable development.
The boroughs work closely with the Mayor and the LDA to develop and take forward the Mayor's economic and regeneration strategy for London, and retain powers to promote development in their own areas.
Funds to deliver economic development and regeneration are routed through the Mayor. The budget comprises central government funds for regeneration, skills, land and property development, inward investment and regional innovation. These funds are merged into a single pot to be used by the LDA in support of its strategy – the current budget is £300 million. The LDA also carries out regeneration projects where it owns land, such as in the Royal Docks (one of Europe's largest regeneration sites) and at Woolwich Arsenal.
