Regeneration must prioritise city centres and have significant public funding

Regeneration projects should prioritise city centres and be backed by public funding to maximise private investment opportunities, a new report from think tank Centre for Cities has found.  

As part of the government’s Levelling Up White Paper, proposals were outlined for the regeneration of 20 areas across the UK, including Blackpool, Sheffield and Wolverhampton.  

These schemes are based on the huge success of the redevelopment of Kings Cross which went into decline after World War II, but now supports 18,000 jobs and supports an annual gross value added of £1.42bn.  

Centre for Cities has now reported on how the government could use regeneration projects to deliver swift economic growth by attracting private sector investment.  

The think tank says the government needs to act fast to alleviate financial risks and create incentives for investment.  

Centre for Cities Chief Executive Andrew Carter said: ‘These plans to regenerate sites across the UK should sit at the heart of the new Government’s plans to level up by attracting private sector investment to left-behind areas and boosting regional economies. 

‘For these schemes to be a success, though, they will need to be seen as suitable places to do business. Our proposals provide a clear plan of action for Whitehall to do this by capitalising on the potential of city centres and delivering targeted investment and planning reforms to get these projects off the ground.’  

A series of recommendations have been made in the report, Making places: The role of regeneration in levelling up, which was published in partnership with insurance company Aviva.  

Significant public investment is key to delivering attractive schemes to private sector firms, with Centre for Cities estimated that for every public sector pound invested, £5 of private investment can be unlocked.  

Regeneration projects should be concentrated in city centres, as they rely on an influx of high-skilled firms and workers and these are also the most productive areas of the UK economy. This could unlock the potential of underperforming cities and boost local and national economies.  

The report also said delivering Levelling Up Bill policies on planning reform could fix the currently inefficient planning system, speed up redevelopment projects and make it easier for businesses to invest. 

 Additionally, it suggested long-term investment to ensure projects survive economic pressures and a collaboration between public and private sectors to consolidate land ownership into one owner, so master plans can be implemented more easily.  

Photo by Andrei Ianovskii