Development Corporations: Borrowing
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of permitting development corporations to borrow for regeneration projects outside the Government's fiscal rules on economic growth.
Answered by Lucy Rigby
The Government recognises the important role that development corporations can play in unlocking large-scale regeneration and
supporting economic growth, including through coordinating investment, land assembly, and accelerating delivery.
Development corporations have significant financial flexibility. They can access central government grants and borrowing. They can co-invest with private and institutional partners to de-risk development and attract additional capital and can develop and hold assets to generate income for reinvestment.
The Government recognises that long-term funding models and financial flexibility will be important to support delivery at scale.
We will continue to consider how best to ensure that development corporations have access to the tools they need to deliver nationally significant growth, working closely with local partners and relevant public financial institutions
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →