Theresa May’s pledge to lift the strict cap on council borrowing for new developments could be seen as a way of wooing more London councils away from Labour funding.
But views are divided as to whether more councils will turn down Labour funding, with some politicians and developers suggesting grants from the Greater London Authority (GLA) – run by Mayor of London Sadiq Khan – will remain at least a first port of call.
The relaxation on council borrowing will unlock an estimated £10bn-£15bn for development and offers an additional funding stream for cash-strapped
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