Osborne hands Growing Places fund a boost including £70m reserved for London

The government is to hand a further £270m to a regeneration fund intended to empower local communities and businesses to lead development in their own areas.

In his Budget speech today, chancellor George Osborne said the funding - from existing departmental budgets - would boost the Growing Places Fund, with £70m of the overall £270m reserved for the Greater London Authority in recognition of the capital’s economic size and “unique devolution arrangements”.

The Growing Places fund was announced in November with an original £500m worth of funding to help get stalled building projects off the ground with a particular focus on building infrastructure to enable the creation of new homes and commercial space.

The 38 existing local enterprise partnerships - which are formed by local authorities and businesses - have able to apply for funding, and then take decisions about which projects to prioritise.