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Sports Led Regeneration

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5) In 1500 words, discuss the merits of market led, sports led and retail led regeneration as ways of improving cities.
- Market led regeneration is regeneration through increasing trade from the domestic market to other international markets. This is enhanced by the process of de-regulation and promoting ‘free trade’ and free markets. This kind of development, whereby private companies make the decisions and are given benefits (such as tax breaks) is known as market led regeneration.
One of the main and most important merits from market led regeneration is the economic growth and prosperity which often flourishes, one reason for this is that there are less restrictions on MNC’s and TNCs (Trans National Companies and Multi National Companies) to trade and outsource their labour force. Consequently the home country of an MNC or TNC will benefit largely from taxes sent back which will be higher due to greater profit margins made by these corporations. Even other countries and communities will benefit greatly due to many jobs being provided reducing unemployment rate. An example of de-regulation and promoting trade is the international business hub of London, in previous years 1970 – 1990 there was serious development on promoting free trade and de-regulation done by Margaret Thatcher. This involved the re-construction of the entire railway line, as well as non international (domestic) incentives offered to businesses such as tax benefits etc. Additionally transport developments known as infrastructure have been completed to ensure that commuters can get to work which includes as previously mentioned; railways (Docklands Light Railway) a surface rail which covers most of the Docklands area.
What initially stimulated all this growth was the construction of Canary Wharf and the billions of FDI invested into London, one of the many merits are the provision of 600,000 jobs, 325,000 of which are in the CBD alone and 100,000 of these employees use the ready available commutes to get to work rather than car ownership. This improves cities by companies gaining the ability to attract companies to invest and still exist, stimulating economic growth. Secondly, because of de-regulation businesses that had previously been restricted to UK banks and insurance companies in London. This could now mean that any bank could locate its offices in London, hence the presence of international banks e.g. HSBC, Bank of America and Deutsche Bank. Thirdly there was also the notion of working hours, where in 1998 Tony Blair refused to sign up to EU working time directive, which limited working hours to 48 hours per week. This would have restricted trading in the financial and investment markets of South East Asia or those in USA due to different working times/hours.
To conclude the benefits and merits of market-led regeneration; it has created a vast area of commercial space and has enabled London to become one of the world’s major financial centres (Alpha++). It has restored a massive number of jobs which had been lost in the past due to structural change e.g. manufacturing rapidly declining in the UK due to more efficient labour forces elsewhere. So excluding London Docklands as an example,

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