More new towns are to be created across England, delivering new homes and jobs.
The Government is backing the creation of 10 new communities with seed funding of £10 million.
Local councils who have produced plans for new homes, boosting local growth and delivering new jobs will compete for a share of the funding.
Ambition will be rewarded
The aim is for councils to be ambitious in their proposals, aiming to emulate the success of the likes of Canary Wharf and Milton Keynes.
Sir George Iacobescu, who founded Canary Wharf, will be one of those advising Housing Secretary Robert Jenrick on which projects should get government support.
The first project to secure finance is a new development corporation at Toton in the east Midlands, a site close to the M1 and East Midlands Airport.
Empowering local areas
Led by Sir John Peace, the former chairman of Burberry, this project aims to exploit the area’s international links by creating thousands of new jobs and homes.
Mr Jenrick said: “We want to drive economic growth outside London and the south-east.
“Our new development corporations will empower local areas to come forward with ideas for new towns that deliver jobs, houses and economic growth.”
A new approach
Sir John Peace is the chairman of the Midlands Engine. He welcomed the decision to create a new development corporation at Toton.
He said: “We’re delighted to be bringing forward the first in a new approach of development corporations, designed to address market failure, accelerate our path to delivery and embed innovation.”
And Sir George Iacobescu, CEO of Canary Wharf Group and Champion of New Development Corporation Competition, added: “Thirty years ago, development corporations breathed new life and energy into towns and cities across Britain.
“I am looking forward to seeing some innovative proposals that will help drive transformational growth across the country.”