Renewal failing to attract private cash

Government schemes to promote neighbourhood renewal in London are
failing to attract private investment due to being poorly managed,
according to a new report.

The study, by business lobby group London First, argues that the
capital’s businesses are often left out of neighbourhood renewal
strategies despite being keen to invest in them.

It calls for business representatives to be members of local
strategic partnerships on a mandatory basis because private
investment is vital in neighbourhood renewal.

The study argues that there is no direct business engagement in
more than half of all LSPs, and despite having the largest business
base in the UK London partnerships have the least engagement with
the business community of anywhere.

A further recommendation is that business representatives chair the
partnerships, as they would be best placed to ensure partnerships
are effective. The study warns that partnerships are currently
bureaucratic “talking shops” with too many participants. 

– Neighbourhood Renewal – Getting It Right from: www.london-first.co.uk