Treasury plans to guarantee massive regeneration programme across Haringey, including Tottenham鈥檚 new stadium project

Tottenham Hot Spurs Stadium

The government is planning to provide a 拢500m guarantee for a massive regeneration plan across the Tottenham area of London, which includes Tottenham Hotspurs鈥� new stadium development.

The move to underwrite the Tottenham regeneration plan through the UK Guarantees scheme, revealed in documents published alongside the spending review announcement on infrastructure today, will see the government guarantee Haringey council鈥檚 plans to embark on a major regeneration programme across the borough.

Haringey council said Treasury鈥檚 commitment would mean the council and the Greater London Authority, in partnership with the private sector, could press ahead with financial security for its plans to transform the area, which include thousands of new homes and jobs as well as better transport links, leisure facilities and business workspace.

The council said 拢1bn of investment was already committed to the regeneration programme, which comprises a range of different projects across the borough, including Tottenham Hotspur鈥檚 拢400m stadium development plans, known as the Northumberland Development Project.

Haringey council leader Claire Kober said: 鈥淚 am delighted that Haringey council鈥檚 ambitious regeneration plans for Tottenham have now been given secure financial backing by the government.

鈥淭oday鈥檚 拢500m guarantee means we can now get on with the task of bringing up to 10,000 new high-quality homes and more than 5,000 new jobs to Tottenham with confidence, giving better opportunities to local people.鈥�

鈥淲e鈥檙e well on our way to bringing change to this community, but today鈥檚 announcement means we can step up and truly transform Tottenham.鈥�

The UK Guarantee for Tottenham鈥檚 regeneration follows earlier guarantees to the 拢225m project to convert half of the Drax coal-fired power station into biomass, and a further guarantee for the Northern Line extension to Battersea Power Station.

that the 拢10bn Hinkley nuclear power project was eligible for a 鈥渕ulti-billion pound鈥� UK Guarantee, as well as the 拢600m Mersey gateway bridge project, which will be underwritten by up to 拢500m.

The UK Guarantee scheme was launched July 2012 in a bid to accelerate up to 拢40bn worth of major infrastructure projects.

Today Alexander also said the government would extend the life of the UK Guarantee programme by two years to 2016.

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