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- Minister moves to sustain regeneration of run down areas
Minister moves to sustain regeneration of run down areas
| Published | 27 May 2008 |
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Local Government Minister John Healey has commissioned a study of the consequences of the current global credit crunch on regeneration.
Mr Healey wants to ensure that the regeneration momentum built up over the past decade can be maintained in the current international economic climate and confirmed the Government's determination to see the continued transformation of Britain's most run down areas.
Speaking to regeneration specialists and investors he said:
"The tightening terms of credit, uncertainty in the housing market and slower economic growth could all have an impact on regeneration investments. I want to make sure we understand these risks."
He went on:
"While we need to assess the influence of the current market sentiment we also need to recognise that regeneration is a long term process and investment horizons are likewise long term.
"So, I will be looking for the study to ensure we can both cope with any short term consequences and maintain investment confidence for the longer term."
The study to advise Ministers will be led by Michael Parkinson of Liverpool John Moores University and will draw on specialists from the department's 50 strong standing panel of experts.
Mr Healey said that the economic assessment would run alongside the consultation on the new regeneration framework, due for publication in the summer. Regeneration specialists, local government, RDA and third sector specialists will all be asked for views as well as developers, investors and market analysts.
The study team will examine how projects, business models and long term strategies could be influenced by international economic conditions.
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