The Government's proposals to introduce city development companies (CDCs) form part of its wider strategy for regional economic development and regeneration.
The Department for Communities and Local Government has now published a summary of the responses to its December 2006 consultation paper on CDCs.
The paper envisaged CDCs as city or city-regionwide economic development companies formed to promote economic growth and regeneration. In very broad terms, urban regeneration companies are seen as the model for CDCs. It was, however, made clear that there is no intention "to prescribe a single approach" because "it is appropriate to foster an evolutionary, bottom-up approach, led by local government and its partners".
Respondents were supportive of the Government's overall vision and, in particular, the flexible non-prescriptive approach.
The consultation will inform the Treasury-led review of sub-national economic development and regeneration, which is due to report in advance of the Comprehensive Spending Review 2007.