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ARTICLE · 13 MAY 2011

The Need For TIF Legislation

Bircham Dyson Bell LLP
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TIF has been the great hope of the regeneration industry for almost as long as people can remember.

United KingdomGovernment, Public Sector
Nick Maltby
Nick Maltby

Introduction

TIF has been the great hope of the regeneration industry for almost as long as people can remember. Under Labour, expressions of interest were invited, only for progress to stall after 84 local authorities had submitted 124 bids. Birmingham, Leeds, London (for the Northern Line Extension) and Sheffield submitted the largest pilot proposals. The total funding sought ran to £2.33bn, with the highest bid being for £400m and the lowest for £750000.

Once the Coalition came into power, the prospects for TIF at first looked bleak until Nick Clegg's announcement of 20 September 2010 at the Liberal Democrat Party Conference, "[And] I can announce today that we will be giving local authorities the freedom to borrow against those extra business rates to help pay for additional new developments."

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