POSTED: August 11th 2011
NewsUpdate

Mayor of London adds 50 million pound investment for regeneration of damaged areas

Mayor Boris Johnson is looking to help rebuild the city and boost the economy / Greater London Authority
Mayor Boris Johnson is looking to help rebuild the city and boost the economy / Greater London Authority

LAURA WALDEN / Sports Features Communications

TAMPA/LONDON: After the recent riots in London Mayor Boris Johnson has stepped in and dedicated an extra investment of £50 million to help regenerate town centers and high streets that were damaged by the events.

The funds allocated will go toward long term regeneration and will be added to the recent donation of £10 million to 20 boroughs for the same purpose.

Mayor Johnson said, “We have always recognised the importance of improving London's town centres and clearly after the destruction caused by the recent events across the city this is a bigger challenge than ever.

“That is why I am allocating £50 million to ensure that these areas are regenerated quickly and transformed into safe, attractive, vibrant and economically successful places to live, work and invest in.”

Riots broke out in the Olympic host city last week while Olympic test events were taking place just prior to a special Chef di Mission seminar gathering officials from 205 Olympic committees was set to be staged.

London 2012 Games’ chief Seb Coe is confident however that the incident will serve to reinforce security practices.

Coe said, “In a funny way I am happier that the IOC were in town this week and the 204 NOCs that have effectively seen a city, test events and world championships all going ahead under pretty much normal circumstances rather than them getting a view of 24 hour news which probably narrows that view. I am rather happy that they were here and recognizing very much that it was business as usual.”

The infusion is also in addition to the Mayor's £50 million Outer London Fund which is destined to help economic activity and employment in areas that are not going to benefit directly from the Games and enhancements to the city such as the Crossrail.

The new regeneration fund will focus on large scale proposals and make sure that the areas that have been damaged will be restored with better enhancements for living, working and investing in business and real estate. Work contracts will also target local businesses and employees and even include offering apprenticeships to the unemployed in view of assisting them to learn a new trade.

In the upcoming future the mayor and his team will be developing proposals that will maximize the investment and stimulate economic growth.

Johnson also welcomes the coalition government’s plans for medium term relief to support business and hopes to work with them to see how their package can coordinate with his investment to better living and working conditions in the capital.  


Keywords · London 2012 · Boris Johnson · Seb Coe · IOC · riots · Olympics


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