Relax project funding rules, Treasury told

11 October 2006

Changing the current rigid rules on the financing of transport projects to allow schemes to be delivered upfront has been urged by the majority of England’s regions.
The South East, South West, East of England, and three ‘Northern Way’ regions have all called on the Treasury to allow smarter use of existing transport resources.
Some have also advised that the best way to provide an incentive to communities reluctant to take extra development is to allow more money generated locally to be spent locally.
The South East, South West and East of England call on the Treasury to allow the formation of a ‘regional infrastructure fund’ or single regional pot to maximise Whitehall, town hall, developer and other funds.
Upfront capital investment would be secured against future revenue streams such as the planning gain supplement.
‘It would allow us to maximise the value capture from developments and be more responsive to strategic, as opposed to local transport needs,’ Adrian Cannard, head of planning and transport at the East of England regional assembly told Surveyor. Infrastructure could be provided prior to, rather than after, new homes.
A number of regions urge that PGS money is retained locally, while the East and South East go further by recommending that they also keep increases in business rates secured by investment in infrastructure.
The Northern Way regions – the North East, North West, and Yorkshire and Humber – propose a transport development fund to allow the cross-regional development of large-scale infrastructure.
Similarly, the South West sees the need for a ‘regional capacity fund’ to allow its small unitary authorities to pay for the human resources needed to deliver transport programmes growing three-fold.

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Relax project funding rules, Treasury told

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