The man behind a £750 million plan to regenerate Swindon has slammed the council for its silence on the project.

Philanthropist Dr Laurie Marsh proposed the funding plan to council leaders in 2017, which showcased how they could pay for the rejuvenation of the town centre.

Ideas floated included a university campus, a new theatre and even a monorail.

Dr Marsh claims that since then, the council has not contacted him about the proposal.

But the authority says it did write back to Dr Marsh to thank him and explain why it would not be moving forward.

Dr Marsh said: “They’ve had my plans for over a year.

"It was all approved in principal. We agreed on using a development charity to carry the plans forward. I told them how it would work. I showed them all the numbers.”

Dr Marsh’s plans showed how the council could use the property it already owns to drive up land value using planning permissions and create the money to build its ideas via a development charity.

He added: “There are three phases. Once the charity is established, it will own the land. Phase two is having the council grant planning permissions which will increase the land value. And then phase three is getting the money, via a mortgage, which would provide plenty of money to build what is needed.

“Funding is easy if you own the land and have the planning permission.”

Dr Marsh was keen to stress that the plans for the town were not his, but that they were already in place, he just gave the council the plans to provide funding.

“The council already had a masterplan from 2012, which was created by a local group with the aim of improving the town centre and connecting the north and south of the town.

“But the council has wasted money on consultations and planning teams.

"You don’t have to do everything by committee. The council is grossly inefficient and self-serving. It's not using the assets correctly.”

The 89-year-old entrepreneur said that he introduced the council to a variety of organisations that could help with the project, including property consultant Gleeds and design company Arup.

“I introduced the council to members of my team.

"They took us around the town and said what they would like. But since then I haven’t heard anything. Not even a thank you.

“I don’t charge anything for this. I don’t even charge expenses.”

The council says the model suggested – known as a charitable finance initiative – is an 'interesting concept', but not the answer.

Cllr Dale Heenan said: “The most senior Labour councillors in Swindon have spent this week claiming a billionaire philanthropist wanted to invest millions of his own money and that he was being blocked

“If something is too good to be true, it normally is and it’s been confirmed there is no money. It was a clumsy attempt at spin. A monorail, seriously!

“Dr Marsh has achieved some remarkable things in his life, and he did approach Swindon Borough Council two years ago about his ideas on financing regeneration projects. He was listened to, it was explored, but there was nothing to take forward.

“CFI is an interesting concept but it is not the magical answer to all Swindon’s problems that Labour believes. Politicians must stop following fanciful dreams that will never come to pass.

“I don’t care where good ideas come from, I am only interested in good ideas that will work.

"We are weeks away from construction starting on the first new office block for over 20 years.”