SWINDON Council's 30-year vision has received a boost, with the town becoming one of the first in the country to set up an Urban Regeneration Company.

The new Government initiative has been piloted in just seven other areas, including Liverpool, Sheffield and East Manchester.

It means an independent company will be formed comprising board members from the council, the South West Regional Development Agency and the private sector to push ahead with the town's regeneration.

The idea is to bring the private and public sectors together to negotiate the way forward and encourage greater investment from private companies into the town.

The Department of Transport, Local Government and the Regions yesterday confirmed that Swindon's bid to set up a URC had been successful.

Announcing the news, Regeneration Minister Lord Falconer said: "Managing growth and prosperity in a sustainable way is an important part of our commitment to improving the quality of life in our towns and cities. The URC in Swindon will help us deliver this aspect of urban renaissance.

"URCs have so far proved to be a successful mechanism for bringing together the key levers for change.

"By working in partnership and through strong local leadership, they can increase business confidence in an area."

Council leader Mike Bawden (Con, Old Town and Lawn), pictured, thanked the South West RDA for its help in compiling the bid.

He said: "This is a very special opportunity for Swindon. It will allow us to take forward the vision for the town centre, creating an improved environment for residents, businesses and visitors."

Swindon, which has been expanding rapidly for decades, had already been identified as a regeneration area by the Government.

Now the pace of change within the town centre, Old Town and North Star is expected to accelerate.

The 30-year vision for the future of the town which envisages sweeping boulevards, street cafes, an ultra-light tram system and a lively cultural scene will be taken forward with renewed vigour.

The first priority, however, is to identify the right partners to set up the URC and appoint a private sector chairman and a board of 12-15 directors. The company is then due to be launched early in the New Year.

Colin Molton, director of the South West RDA, said: "Swindon is one of the economic powerhouses in the South West. If the town is to maintain its lead economic role in the region, we need to harness the effort of many partners through the URC to secure and improve the range and quality of facilities within the town centre."

Labour leader on the council, Sue Bates (Gorse Hill and Pinehurst), said: "I welcome this wonderful news. The URC will help Swindon Council, together with its partners, move the 30-year vision and the town centre redevelopment forward it's a good day for Swindon."

Liberal Democrat leader Mike Evemy (Eastcott) said: "We welcome the investment the URC will bring into the town centre and the boost it will give to the vision for the future."