New city development companies will drive forward economic growth and attract increased private investment in English cities, said Local Government Minister Phil Woolas today. The Local Government White Paper set out plans for City Development Companies (CDCs), which will bring together businesses, developers, local authorities, and investors, to develop economic masterplans to deliver more jobs and increased growth in cities. Ministers now want to hear from North East business leaders and other regional stakeholders about how the plans could be taken forward. City development companies would bring together key experience from the private and public sectors to improve economic development delivery across cities and city-regions.
The Government launched a consultation on the role of CDCs today. City development companies would be adopted on a voluntary basis to oversee a city-wide strategy coordinating economic development priorities, including those of neighbouring local authorities. They could also pool existing functions, simplify delivery and reduce bureaucracy. However, Government would also expect city development companies to have clear lines of accountability to local government and to operate in line with relevant local and regional strategies. Launching the consultation, Local Government Minister, Phil Woolas said they could play a vital role in driving cities' economic growth.
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