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£20m fund to develop Tottenham and Croydon

Thursday, 18 August 2011 11:45 AM

The Government is to kickstart economic regeneration in riot-stuck Tottenham and Croydon with a £20 million enterprise and growth package.

The plan to support business and deliver new job opportunities was announced by the Communities and Local Government Secretary Eric Pickles yesterday.

The government said the fund was aimed at helping to redress the imbalance of growth in different areas of the capital in recent years.

The London Enterprise Fund is intended to provide specific, targeted support for the two areas to reverse economic decline and also provide immediate investment and boost the local economies.

The money will be provided to the Greater London Authority, enabling the Mayor and partners to get started immediately. The money will be spent on acquiring and redeveloping land to aid development and get businesses back on their feet quickly; bringing forward investment in transport in Tottenham and Enfield to underpin growth; restoring and regenerating Croydon as a retail commercial centre; creating employment and apprenticeships in the local area; and investing in business rate reliefs for start-up businesses.

Pickles said: "Just as we want the whole of the country to share in the benefits of economic growth, so too do we want the whole of the capital to be thriving."

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