Local Growth White Paper

Bob Blackman Excerpts

Thursday 28th October 2010 Commons Chamber

[Vince Cable]

I cannot give guarantees on the treatment of specific assets. As I said, they will be managed carefully and in a way that produces value for money for the taxpayer, who originally invested in them. That will be done in a way that reinforces local development.

[Bob Blackman (Harrow East) (Con)]

The announcements made this morning will be warmly welcomed by all progressive local authorities across the country. In keeping with the incentives to build houses for people to live in, will my right hon. Friend elucidate further the incentives that will be given to local authorities to encourage the growth of private sector businesses in their areas?

[Vince Cable]

It is revealing, in a way, that half an hour into questions that is the first question we have had about the key development, which is creating incentives for local authorities to grow. Those did not exist before. We have the new homes bonus. We are talking about the repatriation of business rates and a series of incentives that local authorities will in future have to grow and develop, which currently do not exist.