What is Regeneration (and why do we need it)?
Places (and industries, and even people) can get into a downward spiral: the most able tend to leave these failing areas, and businesses and people as a whole don’t want to invest in an area where expectations are down – why take the risk that things will get worse before things get better (if they ever do get better)? Eventually someone may take the risk and invest, but this takes a brave person and a long time – if ever, when what is required are lots of people and businesses making individual, sensible, investment decisions.
Regeneration is the interventions which stop the fall – which stops the declines and makes a place an area for normal people and businesses who haven’t the appetite for big risk to invest and to locate and set up businesses. Regeneration removes the years of wasted lives; wasted opportunities and wasted output which occurs if we just let events take their natural course: it shortens the period between decline and rise again – if the rise ever comes. And, of course, proper regeneration is about, places, people, economics and environment all being integrated and dealt with holistically.