Investment plea for ‘outdated’ city centres

A study published today by the Centre for Cities think-tank calls for a £500m investment fund, drawing on existing regional funding and new private capital to overhaul of smaller cities such as Wakefield, Derby and Preston.

England’s largest cities received huge investment in the late 1980s and early 1990s which have transformed their centres and their image in the eyes of business and the wider public.

The eight largest cities are now in the process of finalising radical City Deals that will see new powers and funding devolved to their local authorities.

Alexandra Jones, chief executive of Centre for Cities, said attention must now turn to smaller cities .

“City centres are likely to become ever more important for city growth in future, and as such it is crucial that the UK has a policy to address this issue,” she said. “But weak city centres are holding back growth in the UK.

“An investment fund which uses existing money more effectively as well as drawing in private sector funding to support mid-sized cities to reconfigure their city centres will help them to unlock their potential and support the creation of the jobs the UK needs.

“The City Deals process presents a real opportunity to kick-start the engagement on this process and as such, mid-sized cities should be at the heart of the next round of negotiations.”

Wakefield, however, will see benefits from the Leeds City Deal, which will be announced next month and has been extended to cover the entire city region.

Wakefield Council said the city has seen “considerable” investment in its centre over recent years but accepted there is more to be done.

Regeneration director Andy Wallhead said: “Further investment is needed to create environments within our city centres that prevent the further withdrawal of the small independent traders.

“Wakefield Council is currently developing a business support programme which will address some of the issues that entrepreneurs wishing to start up their own business face, as well as supporting those businesses that have growth potential.”