24 November 2010 Last updated at 06:24 ET

Gloucestershire First's budget cut

The organisation said it would move its offices from Shurdington to Gloucester Docks to cut costs

The organisation set up to promote the growth of Gloucestershire's economy is to have its budget cut.

Public-private partnership Gloucestershire First was set up in 2001.

The Tory-run county council, its main backer, needs to save £108m over four years as part of the Spending Review.

It will reduce funding to half the current £1.4m from next year. Funds also come from six district councils, companies and the voluntary sector.

A Gloucestershire First spokesman said it would move its offices from Shurdington to Gloucester Docks to cut costs.

It was not yet known what impact the cuts would have on staff, he added.