Mayor welcomes Old Oak budget pledge

The Mayor of London has welcomed a pledge in the budget to assist his Mayoral Development Corporation in Old Oak.

The pledge to provide Section 33 VAT status for the Mayoral Development Corporation planned in the Old Oak Common area was announced by the Chancellor yesterday. That commitment will aid plans to transform one of the most deprived parts of London into a new district with up to 24,000 new homes and more than 55,000 jobs.

The Mayoral Development Corporation will aim to drive the comprehensive regeneration of a 195 acre semi-industrial site at Old Oak Common that could be worth up to £6.2 billion for the London economy, says the Mayor, with the potential for Old Oak to supply up to 2.5 per cent of the Greater London housing requirement and almost 14 per cent of Greater London’s employment need up to 2031.

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