The impact of the £52 million cuts the Northwest Development Agency have been instructed to implement by the Coalition Government have been revealed – and Lancashire is a big loser.
Preston, in particular, has been hit hard, losing funding for the revamp of Winckley Square, the refurbishment of the Flag Market and financial support for the 2012 Guild.
It is a bitter blow to the city and, in the case of Winckley Square and the Flag Market, another example of local dithering and disputes costing us, quite literally, millions of pounds.
The challenge now is for the city to adopt a more pro active approach to attracting alternative sources of funding and winning private sector investment – which is why the council must do all it can to find the resources to support another victim of the Development Agency’s cuts programme, Preston Vision. Eliot Ward and his team are making good progress in communicating a business-friendly message to potential investors. It would be short term gain for long term pain if we were to abandon Vision at this critical stage of Preston’s development.