The first use of tax increment financing (TIF) in the UK will go ahead in Edinburgh, it emerged this week.

The council will use TIF to regenerate the city's waterfront in an £84m scheme to develop a new cruise liner terminal, lock gates, esplanade and link road. Scottish finance secretary, John Swinney, has given vital backing to Edinburgh City Council's plans, while TIF schemes in Glasgow and North Lanarkshire are said to be progressing well.