The British property industry has called on the government to take action and enable investment on Britain’s High Streets, now at “their lowest ebb for 30 years”.
In an open letter to David Cameron, the British Council of Shopping Centres (BCSC) asked the government to again consider a private sector-led Tax Increment Financing (TIF) programme to bridge the growing development viability gap. The BCSC argue, "this valuable opportunity cannot be glossed over any longer at the expense of our town centres."
The group, writing on behalf of its 2,500 members, also claims the implementation of the 1996 Town Centres First policy and the recent slimmed down National Planning Policy Framework remain "inconsistent at best".
BCSC president Peter Drummond strongly believes that the government "needs to take more decisive action to encourage investment in town and city centres."
Drummond argues that "a more widespread and effective use of tax increment financing to deliver hundreds of millions of pounds of local infrastructure must be urgently considered."
This story can be read in full at economia.