Significant public funding is needed to deliver the government’s plans to deliver King’s Cross-style regeneration projects across the UK, a report has argued today.
Published by Centre for Cities and Aviva, the report argues levelling up regeneration schemes need be backed by public funding and planning reform to maximise private investment opportunities.
The Government has plans to redevelop 20 UK areas in the same way as Kings Cross and Stratford in London. Centre for Cities estimates that for every £1 invested by the public sector in these schemes, £5 of private investment could be unlocked.
As well as public funding, the report sets out three other ways the Government could alleviate financial risks and encourage businesses to invest in redeveloped areas. It argues schemes should be located in city centres to attract high-skilled firms and workers, planning reform should be accelerated, and a long-term development approach with the private sector should be taken.
Centre for Cities chief executive, Andrew Carter, said: ‘These plans to regenerate sites across the UK should sit at the heart of the new Government’s plans to level up by attracting private sector investment to left-behind areas and boosting regional economies.
’For these schemes to be a success, though, they will need to be seen as suitable places to do business. Our proposals provide a clear plan of action for Whitehall to do this by capitalising on the potential of city centres and delivering targeted investment and planning reforms to get these projects off the ground.’
