COUNCIL chiefs have been prevented from buying the assets of the doomed Northwest Development Agency (NWDA), raising fears of a damaging “fire sale”.
A plea for town halls to be offered "deferred payment" terms – to keep the likes of the iconic Littlewoods building and Wavertree Technology Park in local hands – has been rejected by the Government.
Assets can only be transferred to local authorities if they pay "the market value" – meaning a bill of many millions. The move effectively makes it impossible for councils to step in, as they struggle to implement unprecedented spending cuts.
John Denham, Labour's business spokesman, said: "It's outrageous ministers have stepped in to block these sensible proposals.
“This fire sale is typical of a Government that prizes short-term fixes over long- term, sustainable growth."
Also among the NWDA's 44 land and property assets that will be transferred to Whitehall – or sold – are:
