Birmingham City councillors have been warned that the economic downturn is likely to reduce the amount of money being raised from the sale of local development sites.
A report to cabinet members has shown that the council is on target to raise £51m in capital receipts from the disposal of surplus properties, and has already raised more than £35.57m. However, it adds: ‘Individual regeneration or service development projects may be adversely affected.’
Ashford DC has suspended plans to redevelop Brookfield Court, and Cllr Peter Wood, portfolio holder for housing and property, said: ‘It is with regret that the council has decided to postpone the project.’
Breaking down England's fiscal devolution plans
David Phillips of the IFS tells LocalGov why England's regional finance reforms are modest by global comparison and what ministers still need to get right.
