UK Politics

Liberal Democratic Party: Nick Clegg announces powers to boost growth in towns and cities

Press Release   •   Sep 21, 2010 12:07 BST

"The Government is committed to rebalancing the economy. In particular, it is determined to remove barriers and provide focused support to ensure that all places can realise their growth potential."

Speaking at Liberal Democrat Autumn Conference today, Liberal Democrat Leader and Deputy Prime Minister Nick Clegg announced new powers to allow councils to boost growth in towns and cities.

In his keynote address, Nick Clegg said the Government will introduce Tax Increment Financing powers, which will allow local authorities to borrow against locally raised business rates.

This will give councils access to the resources necessary to support investment and unlock growth.