The council has welcomed the Chancellor’s announcement that he will be supporting plans for a “growth zone” in Croydon.
Croydon was highlighted in a speech given by George Osborne on Friday, when he outlined his six-point long term economic plan for London.
This comes after last year’s Autumn Statement when Mr Osborne said the government would begin discussions on launching a “growth zone” in Croydon.
This could 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 follows strong lobbying by the council for government to devolve powers to control local tax revenues, which would accelerate major regeneration projects in the borough.
“I am delighted that the Chancellor has highlighted Croydon’s importance to London.
“Croydon is on the cusp of massive regeneration that will transform it into a modern, European city, creating thousands of new homes and jobs.
“By supporting Croydon’s case to become a growth zone, the Chancellor recognises the important role this borough can play in London’s long-term economic plan.”
Councillor Tony Newman, leader of the council