Medway Council’s proposals for a new regeneration fund has been supported in Parliament.
The Council is planning to use half of its unallocated reserves, around £5 million, for a Development Fund to support future regeneration and development in Medway.
Rehman raised the idea on Thursday (14 March 2013) in the House of Commons. He was told that such schemes by councils can “show initiative and enterprise”.
Rehman asked:
"Medway council in my constituency proposes to invest half of its unallocated reserve in a new development fund to support future regeneration and development. Will the Leader of the House consider granting a debate on how local authorities can use their reserves to support local communities?"
The Leader of the House Andrew Lansley MP replied:
"I welcome what Medway council is proposing. I know that my hon. Friend will share my support for what my hon. Friends at the Department for Communities and Local Government are doing through their “50 ways to save” publication, which shows how councils can make significant savings. Many councils have reserves, quite prudently, and how they use those reserves, including for investment purposes or, in the case of my council, to work together with others to create an investment bank to support business projects in the county, can show initiative and enterprise."