When the private sector can’t or won’t borrow money and take risks, what should a local council do to boost the area?

In Stockport, we’re not sitting back. We’re investing in a range of projects across the area which should end up making a profit for taxpayers as well as helping to regenerate the town. We’re taking advantage of the Council’s ability to borrow more cheaply than the private sector to build strong business cases for each development.

On Tuesday I presented proposals to Stockport Executive to invest £18.5 million in building new grade A offices and a new hotel at Stockport Exchange – the new name for Grand Central. That’s on top of the new 1,000 place multi-storey car park that’s well underway and due for completion in the spring.

Importantly, none of these take money away from regular spending. Quite the opposite in fact. We borrow for these projects where the business case stacks up and over time they should provide an additional income for the Council, bringing in more money for us to spend on other things.

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