In his Autumn Statement, George Osborne announced the government would begin discussions on launching this in Croydon, to ensure that residents benefit from the borough’s growth.
In the lead-up to Mr Osborne’s statement, the council has been lobbying hard for the devolution of powers to control local tax revenues which would accelerate major regeneration projects in the borough.
“Our Time Is Now” proposes the creation of a “growth zone” which would see locally generated taxes rapidly bring forward the delivery of a £5.25bn regeneration programme, including 23,500 new jobs and 8,000 homes in the town centre by 2031.
It promises a development the size of Ebbsfleet but achievable in half the time.
Councillor Tony Newman, leader of the council, said: “This is fantastic news for Croydon residents.
“We’re delighted the Chancellor has announced that the government will work with the council to create a growth zone in Croydon, which will bring huge benefits to our residents and transform Croydon into a modern, European city.
“For Croydon to be named in the autumn statement shows the huge importance of Croydon and the significance that it holds to London and the wider region.”
MPs Steve Reed (Labour, Croydon North) and Gavin Barwell (Conservative, Croydon Central) have shown cross-party support for Croydon’s devolution case, and both recognise how devolved powers could catalyse the transformation of Croydon.
The council is proposing to retain local tax revenues, such as stamp duty on all new developments, the new homes bonus and business rates, which would fund the necessary infrastructure needed for major developments in turn accelerating the timescale of such projects.