Member

I welcome the intent of the noble Lord’s amendment. It is, we agree, crucial that development corporations are sustainably funded. However, requiring mayoral development corporations to fund and finance development directly would unnecessarily constrain their use. In some cases, mayoral development corporations may not need to directly fund development to achieve their purposes, as has been demonstrated, for example, by the Stockport Mayoral Development Corporation, which has successfully brought forward significant regeneration by primarily playing a strategic and co-ordinating role.