Cameron’s £140m To Tear Down Sink Estates Is A Loan

David Cameron’s promise to spend millions on bulldozing and rebuilding sink estates as a key part of his prime ministerial legacy appeared to be unravelling as it emerged that the small amount of money set aside for the project can only be accessed by private developers in the form of loans. The prime minister announced his intention in January to potentially tear down 100 of the UK’s worst estates to tackle drug abuse and gang culture. The modest size of the £140m “fund” set aside by Cameron to meet costs was widely questioned at the time, but Downing Street insisted that the redevelopment programme would reverse decades of neglect. Now the Observer has learned that the £140m is only available in loan form to private sector organisations who come forward to regenerate stricken areas. A statement quietly released by the CLG in February admitted: “£140m of loan funding has been set aside by government, to be used as a springboard for partnership and joint venture arrangements, with the active involvement of communities.” Read more on the Observer website.