The London Development Agency, a key funder of creative initiatives in the capital, has confirmed a Financial Times report that it will be making drastic job cuts as part of a wholesale review of operations.
The LDA’s interim chief executive Peter Rogers has revealed plans to axe 173 of its 649 existing staff posts, as part of a root and branch review of the agency.
A spokeswoman for the LDA suggests that the review will create some new posts to counteract the effect of the cuts.
Among the design initiatives backed by the LDA are the London Design Festival, the Design Council’s Designing Demand programme, and digital initiative Dynamo London.
The results will also see the setting up of an as yet unnamed Olympic legacy body.