First Towns Fund Awards Made
Back in July, during a speech in Manchester, the Prime Minister announced a £3.6 billion Towns Fund. The scheme is part of the much talked about “levelling-up”, decentralising funding by supporting locally-led proposals to boost towns.
Each selected town will be able to bid for funding of up to £25 million. 101 towns to work towards Town Deals were announced (amid criticism that marginal Tory constituencies were favoured) and given funding to prepare proposals, and a Towns Fund Prospectus was issued.
The first 7 towns to benefit were announced at the end of October. They are Barrow-in-Furness, Blackpool, Darlington, Peterborough, Norwich, Torquay and Warrington. Blackpool has ambitious plans to invest almost £40 million in updating the legendary illuminations, aiming for a successful return to tourism after the pandemic. Torquay and Peterborough are to invest over £20 million each. Torquay is seeking transformation into a retail and leisure destination and improving transport links. Peterborough is to lay groundwork for low carbon living, including a skills centre for green technologies and support enterprise, innovation and sustainable lifestyles.
After two lockdowns and varying levels of restrictions for months, additional funding for towns will be more important than ever. Additional Town Deals are due to be announced this month. We will keep you updated.
Posted on 11/04/2020 by Ortolan