The Torbay Economic Development Company (TDA) is set to be recommended to be dissolved. The agency is no longer considered as the most effective way to secure government funding for local building projects.

 Whilst the TDA have had past success in securing funding for the area, bringing in tens of millions of government investment for public projects.

The model of having an intermediary, like the TDA, to lobby for government funding is becoming outdated, with Torbay council being one of very few local authorities that operate in this way. Central government is now more likely to speak directly with the council or local authority when negotiating for funding for public projects.

 The decision to recommend the dissolution of the TDA has been accelerated by a report that has measured Torbay’s overall economic performance as the worst in the country, when measured by ‘gross value added’.

 ‘Gross value added’- The value of the goods and services produced in an area, taking away the costs of all inputs and raw materials that are directly related to the production.

 The projects currently being organised by the TDA include the Paignton Library and the new east stand at Torquay United.

 A spokesperson for Torbay Council commented today saying: “In July Torbay Council began a review into the role of the Torbay Economic Development Company (TDA). The TDA was originally established with local private sector leaders involved in decision making to support economic development in Torbay.

Today we face a different set of challenges to those faced in 2009 when the TDA was just a concept. We have renewed our focus on how we create spaces to thrive for our residents and have established our Torbay Story which included us setting up a Place Leadership Board, which brings together place leaders with an associated programme of Place Champions. The Place Leadership Board allows for the wider views to be shared with political leaders and decision makers.

In recent years we have seen a continued decline in our overall economic performance and skill levels in the general workforce and other indicators emphasising the challenges facing Torbay.

Now more than ever we need a stronger focus on the Torbay economy, its development and our priorities. As TDA focus has evolved, we too have a need to renew our focus to deliver for our communities.

Torbay Council's Cabinet will be meeting on Tuesday 19 September 2023 to decide how we manage our economic development for the future and for the benefit of our residents.”