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CEDC funding to be cut back
Published: 2010-07-06 13:20:27
Funding for Croydon Economic Development Company (CEDC), which is responsible for facilitating economic growth in the borough, faces big cuts after a cabinet meeting on 12 July.
The cuts are being made in response to the reduction of almost £5 million in the funding the council receives for Area Based Grants.
Croydon is to receive the second largest cut of any London borough, with only Newham being forced to make larger reductions.
Councillor Simon Hoar, cabinet member for regeneration and economic development, said: "The CEDC has been an asset in bringing investment opportunities to Croydon and we will continue much of that work.
"But in light of the reductions in funding for economic growth, we simply cannot continue to fund some of these projects, or to support the CEDC at its present level. Taxpayers want a leaner, more efficient local government which focuses on value for money, and we are determined to deliver it."
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