Towns Fund Prospectus sets out £3.6Bn for regeneration plans

The Government has recently produced the Towns Fund Prospectus which sets out plans for the provision of £3.6Bn to a total of some 100 local councils who will be able to use the funding to regenerate towns centres and improve infrastructure.

Councils will each be granted a grand total of £16.4M each out of the Towns Fund as a base amount of funding and will then be allowed to place bids for funding of up to £25M each to further fund project within their local areas, with bids revolving around councils spending their funding on the redevelopment of vacant land and buildings as well as the boosting of transport links.

Local councils will now be tasked with collaborating with local people and businesses to each create a Town Deal Board for the purpose of formulating a Town Investment Plan which they will each present in the form of their bids fir shares of the funding by the summer of 2020.

The Communities and Local Government Secretary, Rt Hon Robert Jenrick MP stated: “This government is committed to levelling up all parts of the country. We created the £3.6Bn Towns Fund to help businesses grow, connect communities and give people the skills they need to succeed.

“But no place is exactly the same. That is why we want to help local people to decide how this investment of up to £25M in each town can be used to help create new businesses, new jobs and new homes for generations to come.”

The Minister for the Northern Powerhouse and Local Growth, Rt Hon Jake Berry MP added: “We are giving local people the money and power to decide what is best for their town because they know their community’s unique strengths.

“Together we can build on the billions of pounds the government has already invested in our towns and the thousands of new jobs and businesses it has delivered, to level up these places across the Northern Powerhouse and beyond.”

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