Member

In the meantime, I turn to Amendment 238, tabled by the noble Lord, Lord Fuller. At present, most types of development corporation have powers to borrow, including through private finance, subject to the consent of the oversight authority. Mayoral development corporations outside London are the exception. They cannot borrow directly, although the parent mayoral strategic authority can borrow and lend to its mayoral development corporation. Mayoral development corporations within London can borrow as functional bodies of the GLA. The noble Lord’s amendment would change this, giving all mayoral development corporations powers to borrow, by placing a duty on all mayoral development corporations to fund and finance development proposals, with the option of doing so through private finance.