Croydon is pushing for devolved powers in order to raise more funds for regeneration.
The borough is hoping to collect locally generated taxes on new developments as part of its plan to develop a new ‘Growth Zone’ and deliver a £5.25bn regeneration programme by 2031.
The council aims to create 8,300 new homes and 23,600 new jobs in the town centre.
The Mayor’s Office is supporting the proposals.
The mayor of London has already contributed £23m towards the regeneration of Croydon town centre, including a £5m package to attract businesses. Part of this package will be used to relaunch a scheme that allows businesses to rent property free of charge in the borough for a year.
Leader of Croydon council, Tony Newman, said: “Central government and the mayor of London know that places like Croydon hold the future to the economic regeneration of the entire region, and that’s why we’re asking them to help us to reach our fantastic potential.”
