United Kingdom Announces Plan to Unlock Growth in Cities

To rebound from the global recession, the United Kingdom will focus on transforming their cities in to powerful, innovative 21st century cities according to a new economic growth plan from its coalition government. The government already has taken several steps towards making their cities "engines of growth" including:

• Local Enterprise Partnerships — public-private partnerships focused on bringing together civic and private-sector leaders to drive economic growth;
• Twenty-four Enterprise Zones to spur growth through tax increment financing;
• A €100 million ($154 million) Urban Broadband Fund to create 10 "super-connected cities;" and,
• A €744 million ($1.1 billion) Regional Growth Fund.

However, they contend that more steps are necessary to empower their cities to be drivers of growth going forward.

According to the report, the government's plan will focus on individualized city plans instead of blanket national policies. Over the coming years, the national government hopes to work with local leaders to develop tailored "city deals." with the individual cities sculpting much of their regional economic growth plan. During this two-way transaction, the national government will transition certain powers and financial resources to local governments. However, cities will have to demonstrate strong visible and accountable leadership and effective decision-making structures to receive these new powers and funding. According to the report, the government does not intend to roll out blanket policy prescriptions for UK metros. It, however, does provide specific policy recommendations for targeted cities. Read the report...