Treasury Secretary’s Announcement of more details on the Growing Places Development Fund
Treasury Secretary Danny Alexander will today provide more information on the Government’s new Growing Places development fund, including how much of the £½ billion total fund will be allocated to each region.
The stated aim of the Fund is to kick-start infrastructure projects currently struggling for credit. Mr Alexander has used as examples of circumstances where the fund could be applied the building of link roads or flood defenses necessary to facilitate housing development, and decontamination of polluted land otherwise able to be developed. The development fund would provide money to enable such works to be carried out and so developers to proceed with sites which would otherwise be stalled, requiring the repayment of the relevant costs only once the site (or a substantial part of it) has been built and sold.
Full details of the scheme remain to be published, and which details are likely to determine whether the fund will meet the government’s objective of unlocking greater levels of development particularly in the housing sector.
If you would like any more information on this subject, please contact John-Paul Martin.