Whitby says council looking for new ways to fund developments

UK CITIES need to be more inventive and innovative in the way they generate funding for key infrastructure deals.

That was the message from key regional players who took part in a panel discussion focusing on investing in infrastructure to achieve growth.

Held at property expo MIPIM in Cannes, panellists included Mike Whitby, leader of Birmingham City Council and Sir Howard Bernstein, chief executive of Manchester City Council.

Whitby was critical of the process to access central government resources to fund major infrastructure projects such as the regeneration of New Street station in Birmingham. He described the process as “tortuous”.

He said the council is now developing new ways to allow development projects to take place, including releasing public sector land and partnering with private sector companies to accelerate housing schemes.

Bernstein said that although different cities were striving to win investment, there were positives in working together in collaboration.

He said there was also an onus on local authorities to generate new investment models to provide mezzanine finance to help bring schemes to life.

“What we have to be doing is developing our own investment models where the public resources we can get can support equity and debt alongside the private sector,” he said.