Property industry attacks pledge to make 'savings in regeneration funding'

The Labour Party manifesto launched yesterday has come under fire for promising to cut back on regeneration spending and failing to spell how renewable energy infrastructure will be paid for.

As the Conservatives Party prepares to launch its manifesto today, the British Property Federation said Labour鈥檚 pledge to build houses did not inspire confidence when regeneration spending was to be cut.

Liz Peace, chief executive of BPF, said: 鈥淭he crucial financial facts of what things will cost all seem to be missing. It鈥檚 one thing pledging 50,000 new affordable homes when elsewhere the manifesto says it will 鈥渕ake savings in regeneration funding鈥�. This does not create confidence as to how such housing provision will be achieved.鈥�

Labour鈥檚 manifesto said the party would make 鈥渟avings in regeneration funding and focus on tackling worklessness鈥�

In addition Peace said: 鈥淟abour has also come out with a localist approach saying it will 'devolve power to local councils' specifically to tackle renewable energy.

"This could lead to major inconsistencies in how the problems are tackled if every council in the land demands different things. It is highly worrying that we are still without a clear national strategy on how renewable energy will be provided, paid for and used.鈥�

It's one thing pledging 50,000 new affordable homes when elsewhere the manifesto says it will make savings in regeneration funding

Liz Peace, BPF

Her words were supported by the Institution of Civil Engineers, which said proposals for a 拢2bn Green Investment Bank were insufficient to tackle the scale of the task.

Director General, Tom Foulkes, said: 鈥淎 Green Investment Bank is a positive step, but the UK will need to invest 拢40-50bn per annum in infrastructure so a starting fund of just 拢2bn falls well short of what will be required.

"We still believe a more ambitiously sized National Infrastructure Investment Bank, able to draw on domestic and international capital markets and pension funds, would better attract the scale of investment needed.鈥�

He added that Labour鈥檚 pledges to generate 40% of energy from low carbon sources was 鈥渙ver ambitious鈥� considering the UK鈥檚 track record.

However, the proposals were welcomed by the UK Green 好色先生TV Council.

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