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Prescott Pledges Pounds 1Bn For East London Regeneration

LONDON-The UK Government yesterday underlined its commitment to regenerating the Thames gateway area east of London. Over pounds 1 billion ($1.6 billion) of public investment in the area will help provide 120,000 new homes by 2016.

By Graham Parker | Updated on July 31, 2003

LONDON-Deputy Prime Minister John Prescott announced over £1 billion ($1.6 billion) of state investment in the Thames Gateway area to the east of London. Reusing the area’s brownfield sites is seen as the key to solving the capital’s housing crisis and over 120,000 new homes are planned for the area between now and 2016.

The Thames Gateway contains the largest collection of brownfield sites–7,500 acres–close to a capital city in Europe. Much of the state investment will go on improving transport links, and Prescott said he expects public funding to lever in additional private sector investment of at least £1 billion across the Gateway.

John Prescott said: “This money will make a real difference to people in the Thames Gateway. It will be used to clean up brownfield land and build decent homes which people will live in through choice not necessity. Our long-term spending plans will give developers the confidence to invest in high quality, high density development which will make the Gateway an exciting and attractive place to live and work.”

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