So is the scrapping of EMDA, the East Midlands Development Agency a set-back for bringing jobs and new businesses to our region?
The regional development agencies were the brainchild of Tony Blair's Labour government. The aim was to revive the local economy with decisions taken closer to home, rather than in Whitehall departments.
Nottingham-based EMDA has a staff of 277. It claims to have created or safeguarded more than 13,000 jobs and helped out 30,000 local business.
With its annual budget of £161 million, EMDA said every £1 it spent resulted in £9 of economic growth in the region's economy.
But the Conservatives and Lib Dems were never convinced. Take one of our new Conservative MPs, Nigel Mills from Amber Valley in Derbyshire. He's an accountant by profession and has a sharp eye when it comes to value for money.
"They've been far more expensive in terms of administration.The chief executive gets a salary higher more than the Prime Minister," he told me."Ineffective? I don't think they've achieved what we were hoping they would achieve in economic development. And quango? They're appointed by the government and not by the people.There's no accountability to the local people. That's why EMDA must go."
The coalition government wants elected local councillors and business leaders to take over the job. So stand by for "Local Economic Partnerships". The message now is local and not regional.
In a statement, EMDA says it will continue to "create a strong, sustainable and balanced economy in the East Midlands" until these new local bodies are set up."In this transition period, we will continue to make the best use of our resources and to work to ensure that business has a voice in any new arrangements that are developed."
One of our top political leaders in the East Midlands is already licking his lips at the propect of change. David Parsons is the Tory leader of Leicestershire County Council and chairs the body that represents the big local councils in the region.
He's pressing ahead with plans for EMDA's replacement."Local authority leaders in the East Midlands met formally on Friday to consider the future of joint working and the basis for establishing Local Enterprise Partnerships. We are clear in our support for the Government's proposals to abolish RDAs.
"Our proposals for sub-regional Local Enterprise Partnerships will be practical and will be based on natural economic areas," he added.
So will these new organisations work and be more effective than EMDA? Some business leaders are already warning that in a global economy these local partnerships will be too small and parochial.... especially in the highly competitive world of attracting big international companies to relocate.