With development outside of central London at near standstill, the report is the result of a year of behind the scenes work between the LGA and the BPF.
The report sets out how strong partnerships between councils and the property industry are crucial to bringing forward investment and development to create jobs and drive growth in local economies. It calls for the removal of a series of blockages preventing councils and the private sector from 'investing in the development which would speed up economic recovery'.
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Recommendations include:
•A major expansion of 'City Deals' already negotiated by some of the country’s leading cities to allow all areas to access the tools and levers they need to get growth going;
•Relaxing restrictions on TIF to fund growth-enabling infrastructure by capturing part of the resulting increase in business rates;
•A commitment from government to explore how its £50bn Infrastructure Guarantee Scheme can be used to support local capital projects;
•Streamlining funding for growth by allowing the creation of local investment funds;
•Allowing the reformed planning system to bed in rather than further rounds of reform;
•Introducing Stamp Duty Land Tax relief for the transfer of public sector assets to aid the creation of public-private partnerships;
•A much greater emphasis on attracting inward investment from overseas and continuing support to encourage investors to stay.
Liz Peace, chief executive of the British Property Federation, said: "This unprecedented collaborative project shows how councils and developers can lead the way, but that sometimes the path is blocked. Central government also has a part to play in facilitating the development of growth-generating partnerships which could speed-up economic recovery. Without action from Whitehall to remove blockages, partnerships will continue to strive for economic growth with one hand tied behind their backs."
(CD/IT)
