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Devolve greater power to the cities, says think tank
Published: 2010-02-02 16:15:50
In the run up to the general election, think tank Centre for Cities has released its "Outlook for 2010", re-affirming its support for the devolution of key powers over skills, transport and housing.
Outlook for 2010 provides a league table of economic performance for the UK's cities. It concludes that "despite progress with Multi-Area Agreements and statutory City Regions, UK cities outside London still lack the powers they need to raise the performance of their economies".
With cuts in public spending looming, there is a prospect of further job losses, particularly in those regions where public sector employment represents a significant proportion of jobs and agencies, quangos and other public bodies are in line for further cuts, mergers or even dissolution.
But it is the UK's cities that will lead economic recovery, providing they are given greater power and control. In 2008, cities accounted for 62% of jobs in England and a similar percentage of high-skilled jobs. Policies should focus on stimulating city economies to build sustainable private sector employment. read more
Core Cities call for new finance models...
Published: 2010-02-02 16:09:32
There is growing momentum behind the call for alternative forms of finance for regeneration and renewal projects, according to Chris Murray, director of the Core Cities Group.
Representing eight major centres outside London, Murray explained to SocInvest the changes that will make a significant difference to sustaining regeneration and renewing economic growth.
"Overall, we will have to do more with less," he said. "To achieve this, local authorities and their partners need to to make sure that they have the freedom and flexibility to use the money they will have much more effectively, and to generate further investment."
Although the funding shortage poses a challenge for the regeneration community, Murray insisted that there is a determination at local government level not to allow proposed cuts in state funding to set back their development plans.
"If we can bring mechanisms like Accelerated Development Zones and Tax Increment Financing to bear on city development, we stand more than a fighting chance of being more competitive internationally. If funding is reduced, freedoms should come with it to make sure the effect on local jobs and economies is minimized." read more
...and "Beyond Recession" recommends budgetary devolution
Published: 2010-02-02 15:41:02
Whatever the outcome of the forthcoming election, one thing is beyond doubt: there will be less cash for the regeneration pot. The question for local authorities that want to maintain buoyant and growing economies is what can be done to meet their goals.
One answer is to give local government greater control of revenue. Another is to change the focus from local authority projects to regional regeneration and development programmes.
That's according to "Beyond Recession", a report produced this month by England’s eight core cities with the Work Foundation, drawing on work done by forecasting agency Oxford Economics. Only a different approach to investment, said the authors, will avoid a return to urban decline, jobless growth and 2008 levels of employment for a decade. read more
Treasury bypassed in hunt for new funding
Published: 2010-01-18 11:47:15
Local government has started 2010 by intensifying its search for new revenues, amid concern that Whitehall is moving too slowly to replace grants earmarked for cuts. (Sourced from LocalGov.co.uk.)
Localgov.co.uk sister title The MJ understands Local Government Association representatives will meet with senior City figures next week to discuss establishing a local government ‘fund of funds’ which could invest hundreds of millions of pounds in critical regeneration projects, threatened by the financial crunch and Britain’s spiralling debt. read more
£100 Million JESSICA fund for Northwest regeneration
Published: 2009-12-14 10:25:20
The Northwest Regional Development Agency (NWDA), European Regional Development Fund (ERDF) and the European Investment Bank (EIB) have launched a new £100 million fund to finance urban development projects across the Northwest of England. The NWDA expects these projects to create or safeguard several thousand jobs.
Robert Hough, Chairman of the NWDA, said: “This initiative is an opportunity for the region to put a mechanism in place that will ensure we can prolong the benefit of our ERDF Programme. The Northwest Urban Investment Fund will allow us to invest in revolving funding, in addition to the normal single use grants.
"This investment will be in the form of equity, loan or guarantee. The returns from these investments can be re-used on other projects again, and again, extending the life of our European funding and helping us to maintain a level of physical regeneration during the challenging economic climate.” read more
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