Chancellor: Discussions to Start for Croydon Growth Zone

Wednesday’s Autumn statement the Chancellor gave the green light for discussions to start about Croydon becoming a “growth zone”, potentially bringing in 23,500 new jobs and 8,000 new homes to the Borough by 2031.


Local Conservatives have been lobbying the Government for some time to do this, and it is great news that George Osborne has responded so positively.


Locally generated taxes (such as stamp duty on new developments and Business rates) would be retained by Croydon and spent here rather than being sent to the Government nationally. This could rapidly lead to the delivery of a £5.25bn regeneration programme.


This is fantastic news for all of Croydon. Combined with the coming Westfield centre this would give the area a big boost, and help transform and improve the town centre, as well as bringing benefits to the wider Borough.