CROYDON Council is to ask the Government for devolution powers as it looks to deliver more than £5billion worth of regeneration by 2031.
The council will request to keep stamp duty on any new homes in the Croydon Opportunity Area and retain a greater share of business rates on new commercial developments.
It has estimated these two measures alone could raise an extra £130million for the borough by 2031.
The council has made the announcement to coincide with the launch of its 'Growth Zone' proposals.
The strategy, which will be revealed tomorrow morning at the MIPIM Conference at London Olympia, is primarily based around the Westfield/Hammerson Whitgift redevelopment.
Tony Newman, council leader, said: "Central government and the Mayor of London know that cities like Croydon hold the future to the economic regeneration of the entire region, and that's why we're asking them to help us to reach our fantastic potential.
"Everything is aligned and ready to happen right now; and by giving us the powers to make our own decisions, and to raise our own funds and reinvest them locally will not only kick start our delivery programme but help us unlock that potential and deliver our vision."
Conservative Croydon Central MP Gavin Barwell has backed the council's plan to lobby his Government for new powers.
He said: "Croydon is one of the best places in the country to live. Our reputation as a dynamic, exciting place to live and work is attracting an unprecedented number of developers and businesses to our borough.
"Croydon has the potential to unlock huge economic regeneration in London and the South East, and I'll continue to do everything I can to help make it happen."
