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Between July and September 2013 the government consulted on a proposal to pool the New Homes Bonus as a part of the Local Growth Fund. This document is the formal response to that consultation. Pooling is now proceeding only in London, and this document details a further round of London-only engagement undertaken in support of this proposal.
The government is committed to implementing a recommendation of Lord Heseltine’s report No Stone Unturned: in pursuit of growth and introduce a Local Growth Fund.
The Local Growth Fund will total at least £2 billion in each year from 2015 to 2021 and will bring together transport, skills, and housing funding. The housing component of the Local Growth Fund will be £400 million, derived from local pooling of the New Homes Bonus.
This consultation looks at how local pooling of the New Homes Bonus can be achieved.