Inflation is hitting the government’s ability to deliver its flagship local regeneration agenda as soaring building costs force projects across Britain to be delayed, scaled back or potentially cancelled, councils warn.
Plans to spend £4.8bn on its “levelling up” programme — designed to reduce regional economic disparities by rejuvenating high streets and upgrading infrastructure — are central to the Conservative party’s electoral promise.
But with inflation expected to hover in the low double digits this autumn, councils are already reporting that funds crucial to delivering projects before the 2024 general election will no longer be sufficient, creating a looming political headache for the new prime minister Liz Truss.
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