Scotland Is Stealing A Lead On England In The Regeneration Game
Senior commercial lawyer Nick Maltby, Head of Major Projects (Commercial) at Bircham Dyson Bell believes that Scotland is stealing a march on England in regeneration projects thanks to the Scottish Government's willingness to consider Tax Increment Financing (TIF) projects.
The TIF system allows local authorities to borrow against predicted growth in their locally raised business rates in order to fund regeneration in their locality - and it's a system that has been deployed successfully in America for more than fifty years.
"The Scottish Government has recognised the advantages of TIF and has considered a handful of regeneration projects in Scotland on that basis; including the Leith, Buchanan Galleries and Ravenscraig motorway projects," explains Nick Maltby.
"The Scottish Government has got the ball rolling by enacting simple secondary legislation which promotes regeneration schemes via TIF pilots - primary legislation may follow later, but at this stage, could have delayed important projects.
"While there is an argument that the Westminster Government could follow the Scottish approach, I see no reason why with the timing of the Government's Localism Bill that TIF couldn't be...
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