The financial crisis has caused regeneration in the North West to stagnate, and a new strategy is urgently needed, a new report suggests.
Director of the European Institute for Urban Affairs, Michael Parkinson wrote the report The Credit Crunch, Recession and Regeneration in the North: What’s Happening, What’s Working, What’s Next? said regeneration projects were in danger of being hindered by a lack of investment.
The study calls for reforms to funding and delivery to create new jobs and boost industries and communities. Public sector cuts could choke recovery in areas where the private sector had not returned to full strength, it said.
It suggests Local Authorities developing a more developer-friendly approach, as well as the use of new revenue models such as a the creation of a Northern Investment Bank to fund schemes.
It also flagged the proposed High Speed 2 project and other growth indistries as something that should trigger parallel development and investment.
“It is crucial that policy makers nationally and locally do all they can to sustain the gains that have been made in the North in recent years and to limit the potential damage threatened by the worst credit crunch and deepest recession in living memory,” said Parkinson.