Legal News
£500 Million to Aid Delayed Building Projects (9 November 2011)
Date: 09/11/2011
Public money totalling £500 million is to be invested in private housing and commercial building projects in England. Ministers claim that building projects have been delayed due to issues with road access, flood risks, and contaminated land. They believe that the money will allow local enterprise partnerships in England to overcome these hurdles. 38 local enterprise partnerships (LEPs) exist in England and are comprised of councils and businesses. Their role is to enhance economic growth. LEPs replaced the regional development agencies (RDAs) created by the Labour party. The Government claims that the RDAs were unsuccessful in dealing with inequality.
The Government has revealed the way in which the Growing Places fund will be allocated. According to proposals, £12.9 million will be allocated to Liverpool, £23.9 million will be allocated to Leeds, and almost £40 million will be allocated to London. Derbyshire and Nottinghamshire will receive £17.4 million, Birmingham and Solihull will receive £14.9 million, and the southwest will receive £14.2 million. The funding is due to be allocated at the end of January 2012.
Danny Alexander, the Chief Secretary to the Treasury, said that the money could be used to construct link roads, install essential flood defences, and to decontaminate land. He claimed that the money would aid developers in the building of houses and would help to create new jobs. Once a development has been built, the money will be repaid and used to aid further developments.
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