The Labour Party manifesto has revealed an ambitious ten-year plan for Britain, but contains little new for the property industry.
The 44-page manifesto, titled Ambitions for Britain, is presented as a programme for the next ten years and focuses on sensitive ‘election’ issues such as education, health care and crime.
However, there is one surprise in the 28,000 word document. Hidden in the details are suggestions that the government will increase the amount of private sector funding needed for the improvement of the transport infrastructure and the health sector, which could lead to an increase of PFIs and development opportunities.
Other proposals – such as improvement of transport infrastructure and the regeneration of deprived communities – repeat the promises of five years ago. It is anticipated that more details of the policies will become clear in the mini-manifesto for business, due to be released next week.
Housing, one of the key issues in 1997, does not receive much coverage but Labour renews its commitment to the introduction of commonhold and seller’s pack legislation.
The 2001 manifesto also opposes the Tories’ call for the abolition of Regional Development Authorities, and pledges to increase their budget by £500m per year. It also promises £1bn worth of tax cuts to increase capital investment in urban areas, confirming the promises detailed in Gordon Brown’s Budget speech in April.
Elsewhere, the manifesto cites the much-maligned Millennium Dome as a “catalyst for unlocking the value of the North Greenwich Peninsula and regenerating local communities”. The manifesto also commends Lord Richard Rogers’ Urban Taskforce’s Millennium Villages for setting “high standards in design”, and pledges to designate more areas nation-wide for similar schemes in a bid to “raise standards of urban design.”
Property related policies include:
- The reintroduction of seller’s pack and commonhold legislation
- An increase in traffic-free ‘Home Zones’
- An increase in spending on transport by 20% for the next 3 years. The ten-year target is a total investment of £180m of both public and private money
- The introduction of 25 local rail and tram schemes funded by public-private partnerships
- £400m reward fund for local authorities who sign up to targets to improve local services
- A promise to continue to modernise the planning system and introduce a fast-track system for major projects of national significance, such as Heathrow Terminal 5
- An increase in funds for Regional Development Authorities (RDA) from £1.2bn to £1.7bn a year
- The introduction of venture capital funds for each region
- Expansion of RDAs’ responsibilities to include rural as well as urban areas
- Support for new galleries and sports grounds
- The introduction of a £900m Neighbourhood Renewal Fund to bolster deprived areas
- The creation of a new tax credit to create £1bn of investment in disadvantaged areas
EGi News 16/05/01
