London missing out on regeneration cash

12.00.00am GMT Thu 31st Oct 2002

Mike Tuffrey, Liberal Democrat economic development spokesperson, today called on John Prescott to allow London to retain more of its money in order to invest in regeneration.

Commenting on the Urban Summit, Mike Tuffrey, who is chair of the London Assembly's Economic and Social Development Committee, said:

"I am calling on the Deputy Prime Minister to recognise the disproportionate contribution London makes towards the national exchequer, which limits regeneration in the capital."

"It is estimated we pay up to £20 billion to the rest of the UK and receive only a 13 per cent share of government expenditure. London must be able to retain more of this money, so that communities do not miss-out on receiving proper investment to help pay for regeneration.

"A report published by the London Assembly's Economic and Social Development Committee earlier this year, 'Rebuilding London's Future', highlighted the failure of Regional Development Agencies (RDAs) to co-ordinate policies and funding to each region through a single managing agency. It also raised concerns about the Government's decision to separate the RDA's responsibility for economic regeneration from the DTLR and Government Office for London's responsibility for social regeneration."

"The London Development Agency should now be given full responsibility for the co-ordination and funding of both social and economic regeneration in the capital.

"I am pressing the Government to follow-up the report's findings."

"In November the Assembly Committee will begin a series of public meetings at the London Assembly to ensure that funding and resources for regeneration reach those areas in London in the greatest need."