Pressure on chancellor Alistair Darling to introduce US-style regeneration funding schemes intensified this week, when four major town halls called for the roll-out of tax increment financing (TIF).
Birmingham, Manchester, Liverpool and Newcastle city councils all support Whitehall’s embryonic exploration of TIF-style funding regimes.
The councils have added their voices to those calling for new local government powers over regeneration schemes amid fears that the property downturn – and declining town hall revenues – could stymie city-centre development beyond the recession.
John Shipley, leader of Newcastle City Council, said he was ‘pushing the Government to agree’ to TIF regimes.
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