A new company dedicated to accelerating economic growth has been set up by the London Borough of Barking & Dagenham.

Be First will have ambitious targets to meet for new homes, improved infrastructure and new jobs, and is expected to make the council £16m over the next ten years.

As well as investing money and land to generate income, the new company will also offer a range of strategic services and will set up joint ventures and other special purpose companies to deliver regeneration.

Councillor Dominic Twomey, the council’s deputy leader and cabinet member for finance, growth & investment, said: ’Be First will be a major force in driving down unemployment, building housing and improving education and skills in the borough.’ T

he company is expected to start trading in October 2017 and will see council staff transferred during the summer.