Lord Jackson of Peterborough
Main Page: Lord Jackson of Peterborough (Conservative - Life peer)(12 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text
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Mr Stewart Jackson (Peterborough) (Con)
The Minister’s reply to this urgent question shows that this Government are serious about civic renaissance. Will my right hon. Friend make efforts to speak to his colleagues in the Treasury about supporting tax increment financing and residential estate investment trusts, and about the development of more detailed special-purpose vehicles to access private sector capital to drive regeneration, not just in large cities, but in smaller ones such as Peterborough?
Greg Clark
My hon. Friend is absolutely right. One power that we are keen to see devolved to cities is a greater ability to invest in infrastructure, which can unlock growth and lead to financial prosperity. We have consulted on suggestions for tax increment financing and will propose our response shortly, but it is clear that cities want to be in the vanguard of using such powers.