The government has withdrawn more than £1.7 billion of housing private finance initiative credits. The decision, announced today, follows a review of the CLG’s spending priorities. Schemes in procurement or under contract will continue to be funded, but pipeline projects in initial design stages will not be. This means all 11 schemes in round six of the housing PFI, which were provisionally allocated £1.7 billion of credits, will have their funding withdrawn. In Nottingham, the Government has said it will not fund the £200 million project to redevelop The Meadows. Nottingham City Council has already spent over £700,000 to develop the proposals, which included hundreds of better homes and improvements to street layouts. Councillor David Liversidge, portfolio holder for Housing Delivery, said: "This is a devastating blow for the Meadows neighbourhood and our citizens who live and work there. Our plans were to transform the area by building new properties and refurbish existing council housing, creating better access to the neighbourhood, investing in better community centres and building new shops. A significant amount of consultation has been carried out with the local community to ensure that the people who live in the Meadows got what they wanted. These changes would have improved their quality of life." He added the scheme would have created hundreds of jobs for local people, particularly in the construction industry. The council has claimed it would have generated £6m for the local economy so the overall impact is massive.Read more on the Nottingham Post website.
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