To ask the Secretary of State for Housing, Communities and Local Government, what processes are in place to facilitate private capital and investment under the draft New Town Acts of 1981 (Local Authority Oversight) Regulations 2018.
18 June 2018
We consider the private sector to be a crucial partner in the delivery of new settlements, including any new towns that may be created using the New Towns Act 1981 (Local Authority Oversight) Regulations 2018. As part of process to designate a new town and create a locally-led new town development corporation, applying local authorities will need to provide a sustainable financial strategy to Government, including setting out how they will leverage in private sector investment. This will be considered by the Secretary of State when deciding whether designation of the new town is expedient in the national interest.
The guidance to accompany the New Towns Act 1981 (Local Authority Oversight) Regulations 2018, which will be published shortly, will also provide details on the involvement of private sector representatives in the governance of locally-led new town development corporations, and participation by local communities.