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Regeneration: Finance

Volume 497: debated on Tuesday 13 October 2009

To ask the Secretary of State for Communities and Local Government if he will support tax incremental funding pilots to promote local authority-led regeneration. (290483)

The Government are working with interested local authorities and city regions to assess the scope for accelerating development by allowing investment in infrastructure to be financed from the increased property tax base that could be enabled by the existence of improved infrastructure. As part of this, the Government are exploring with local authorities the potential benefits, costs and feasibility of piloting such an approach.

The Government will report on this analysis, and the options for taking it forward, in the 2009 pre-Budget Report.