The current economic climate has not yet had an affect on redevelopment plans already underway in Daventry town centre, as part of the district council's Town Centre Vision to rejuvenate the area.

Councillor Chris Millar, leader of Daventry District Council, believes that creating a right environment in the town will attract investment and bring new jobs, giving the local economy a boost.

Speaking at a council strategy committee meeting last Thursday Cllr Millar said: "The credit crunch is well out of our control – it's a worldwide problem.

"I'm expecting a severe downturn but we are moving forward with inward investment and jobs coming in helps the local economy.

"Daventry is in a very strong position to move forward.

"It will be worse in other parts of the country where there's no investment.We're in a better position and we're not taking it for granted."

Daventry District Council has one of the lowest council tax rates in the country and Cllr Millar vowed to try and keep it that way, while maintaining services.

He said: "Our council tax is historically low and that's where we want it to stay."

The council said it was pleased to report that work on the Working Men's Club site, which involves building a £30 million retail park, was 'flying ahead', while developer Henry Boot is due to submit a planning application to create a shopping centre just off the High Street next month.

Councillor Ken Melling said: "We want to drive on with changes. The economical position will not stop us."

Last year people from around the world came to Daventry to attend a transport showcase looking into alternative methods of travel for the future, including the Personal Rapid Transport (PRT) system which could be introduced to the town.

Cllr Millar said: "PRT, cyber and electric cars are being looking into more and more.

"There is no harm for Daventry to be at the leading edge of this. It brings Daventry's name forward across the world."