Torbay MP Adrian Sanders has hailed the decision of the Government to give councils the freedom to raise their own funding for improvement works.
The scheme, announced by deputy prime minister Nick Clegg at this autumn’s Liberal Democrat Party Conference, will allow councils to raise their own funds through what is known as Tax Increment Financing.
Councils will be able to borrow against the future revenues they will gain from increased prosperity resulting from the investment and is a core part of the Government’s localism agenda.
Adrian had been pressuring the previous Government to introduce the scheme, Ministers sadly failed to go beyond simply discussing the idea. In 2009 it was announced that Ministers were seriously considering the idea but when Adrian raised the question in the House of Commons in February this year, no progress had been made.
The new scheme will be introduced in more detail in a White Paper following this year’s spending review and will focus on allowing high-value projects that benefit deprived urban areas such as Torbay to proceed.
Adrian told the PRSD: “This is yet another example of the Government putting Liberal Democrat ideas into practice. Labour talked about giving councils more power on financing for years, but never actually did anything. We will now have a great opportunity for local people to decide what regeneration projects go ahead and how they are funded.”
(from a press release)
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