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Vacating government property results in economic boost

Tue 12th February 2013, 9:55 am

Londonís economy has grown by £3.5bn as a result of the governmentís efforts to consolidate and rationalise its estate, according to Cabinet Office Minister Francis Maude.

Maude based this statement on an analysis prepared by consultancy Knight Frank LLP based on 16 recently redeveloped government owned properties. The analysis does not even include the most recent high profile redevelopment announcements for Admiralty Arch and 1 Palace Street.

Maude said: "My department’s Efficiency and Reform Group has helped save over £640 million for the taxpayer by getting to grips with our property estate and selling over 250 surplus buildings. This is part of an overall strategy which has saved the taxpayer £12 billion since May 2010."

‘We’re determined to help boost the economy by reducing the cost of the public sector and allowing the private sector to flourish – Knight Frank’s analysis shows our work has reverberated through the property and construction sector to stimulate London’s economy and they suggest it’s given our capital a boost of over £3 billion.’

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