Manchester looks at value capture

Greater Manchester will look at using land value capture techniques to help increase investment in its infrastructure, following a new agreement with Whitehall.

In a document published as part of yesterday's Budget, an update on devolution to the Greater Manchester Combined Authority revealed plans to use value capture as part of efforts to explore future funding for transport projects in the region.

“We have set up a working group to explore mechanisms to capture the increase in land value created from new development and regeneration, to help reinvest in local infrastructure and services,” the Budget document said. 

Land value capture was used on London's Crossrail scheme and is being touted as having an expanded role in supporting the proposed Crossrail 2 initiative, although some experts remain sceptical of the amount of money the concept can raise.

“The government and Greater Manchester are also continuing discussions on a housing deal for Greater Manchester which we aim to conclude next year,” the document added.