Boris Johnson unveils £50m cash boost for regeneration of suburbs

Boris Johnson announced a £50 million pot of cash today for the renewal of outer London's town centres.

The fund, part of a grant from the Government, will help set up local business districts. Town halls in the suburbs will be able to bid for money to improve retail, leisure, culture and arts provision.

The Mayor said the fund - which will not be available for Olympic boroughs - would help boost growth across the whole capital. "This is a vital shot in the arm to faltering regeneration projects and just the help needed to get new projects off the ground. It is vital we address the historic neglect of the outer boroughs," he added.

Mr Johnson has faced criticism for neglecting the suburbs despite promising to make them a key plank of his policy. The regeneration fund will help him persuade Tory voters he has delivered on his pledges before next year's mayoral election.

Outer London provides two fifths of the capital's jobs yet growth is little more than half the rate of inner London.