Croydon has called for greater business rates autonomy to support its plans to transform the London borough into a premier office location.
The council hopes to create close to 3 million sq ft of Grade A office space in a bid to attract tech and creative firms to the borough. The local authority’s Growth Zone strategy also includes the £1 billion Westfield retail development and plans for up to 9,500 new homes.
To help fund the ambitious proposals, the council is calling for increased fiscal powers which would allow the borough to keep a greater share of the money raised through stamp duty and business rates.
Croydon is not alone in seeking autonomy. Boris Johnson has called for greater fiscal freedom for London and, this week, the Society of London Treasurers published a report containing similar recommendations.
“This proposal doesn’t ask for government handouts but is based on setting boroughs free to support local growth,” said Brent director of finance, Chris Naylor.
“At the moment there are fiscal Berlin walls around London boroughs preventing us from investing together and sharing both risk and opportunity.”
Croydon council is also poised to take on Eric Pickles over the offices to homes scheme. Since failing in its appeal for exemption, the borough has seen a substantial amount of office space converted to residential accommodation, much of which was described in a recent report as ‘substandard’.
Consequently the council has given notice to the Local Government Minister that, from September 2015, it intends to introduce Article 4 powers revoking permitted development rights.
Councillor Alison Butler, cabinet member for homes and regeneration, explained the local authority’s decision. “We want to give certainty to investors and developers about our support for office developments,” she said.
“While we are committed to providing new homes for residents, this is not at any cost. We are determined that all our homes, from whatever sector, should be decent and fit for purpose.
“In addition, the loss of office space is also resulting in a loss of jobs and opportunities for local people.”
The council has also announced the establishment of the Croydon Promise Delivery Board which has the responsibility of ensuring its regeneration plans are delivered.
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