Research moots national urban development fund
Wed 17th April 2013, 5:32 pm
A national fund for urban development would quicken the pace of regeneration, according to research by think tank Centre for Cities.
The research, supported by the European Investment Bank, blames the major gap in the funding needed to kickstart projects on deficit reduction and a lack of private sector appetite.
It called on the government to develop a national version of the urban development fund model, which already exists in some cities in the UK.
Alexandra Jones, chief executive at Centre for Cities, said: “A new national urban development fund would offer the government a way to invest in the development and regeneration in our communities need without increasing net public sector debt.
“This national fund would also help to create a stronger pipeline of development projects over the long term, leaving cities better equipped to attract further investment in order to respond to the needs of residents and businesses.”
The research said that current policy is focused on grant funding, through polices like the Regional Growth Fund, leaving government with no direct financial return.
The national fund would pool European money, public funds and private sector investment alongside traditional grant funding.
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