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Local Government Minister, Phil Woolas said they could play a vital role in driving cities' economic growth. He said:
"Most people live and work in within cities and city-regions, which is why their success is crucial to improving the economic performance of our regions and our country as a whole. There is still more to do if our cities are to compete with the best in the world so we need to unlock their economic potential. City development companies can provide an entrepreneurial approach to economic development and a focal point for harnessing the private sector.
"The concept behind CDCs is simple. By creating a special purpose vehicle clearly defined for economic development, longer-term growth can be unlocked. Resources across public and private sector partners can be levered in and brought together better. This type of corporate structure is most likely to win the confidence of business through speedy decision making, leading to higher levels of investment."
City development companies could:
- Provide strategic economic direction for cities, through city or city-region wide 'economic masterplans'
- Coordinate housing, economic development, marketing and regeneration activities in one place
- Attract the specialist skills that are key to economic development
- Act as the focal point for engaging with business on economic development
- Operate across multiple local authority areas, increasing the impact of economic development delivery
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