- Wolverhampton has received an initial £1 million advanced funding from the £3.6 billion Towns Fund
- Over 100 towns in England will each receive a share of £80 million to boost regeneration and drive growth
- The advanced funding is part of Government’s plan to help communities recover from Coronavirus
Stuart Anderson MP is delighted that the Government has allocated £1 million in advanced funding to support local capital projects which will have an immediate impact in the local area. It is part of a wider scheme, the transformative £3.6 billion Towns Fund that has been designed to level up opportunity in areas that have been historically left behind, ensuring that everyone can contribute to and benefit from economic growth and creating even more attractive, high quality places to live and work.
As part of the scheme, each area is receiving support to develop Town Deals – a vision and strategy to improve the local area. The Fund has been expanded to allow bids of up to £50 million, and the Wolverhampton Towns Board recently submitted a bid for up £48 million. Town Deals build directly on the Government’s commitment to shift funding and decisions away from Whitehall and to invest in local communities. It aims to give local leaders and communities more say over the future of their local area, helping them to upgrade transport and digital infrastructure, improve the high street, and drive local growth. The funding can be used to support projects making a difference to the local area, such as boosting employment and skills, changing perceptions of the city, regeneration and renewal, digital and transport connectivity, and vibrancy and footfall.
In June this year, the Prime Minister announced that £80 million of funding would be brought forward to get projects off the ground and to give local areas a boost as they build back better from Coronavirus. At the same time, the Prime Minister set out his ‘New Deal’ for Britain, £5 billion worth of projects that would be accelerated to deliver jobs, skills, and new infrastructure, spurring the nation’s economic recovery in this unprecedented time.
Stuart Anderson MP who sits on Wolverhampton’s Towns Board, which made a final bid to spend on housing, education, and employment projects said: “I love Wolverhampton. The £1 million advanced funding will make a massive difference to our local area and it will help to accelerate economic growth at a critical time, driving our community forward and making it an even more attractive place to live, work, and visit. I will continue to work closely with local leaders and the Government to ensure that this money is invested wisely and that it reflects local priorities, so that our community can get the maximum possible benefit.”
Communities Secretary Robert Jenrick who launched the scheme in Wolverhampton said: “Our Towns Fund will help to share prosperity across the country and level-up. This £80 million funding for immediate investment is a real boost for our towns and will help them thrive with investment in transport, technology, skills, and culture. It will give towns across the opportunity to drive economic growth and improve prospects for their communities, which will be vital as the country respond to the impact of the coronavirus pandemic. We are fully behind our high streets and will support local areas to build back better.”
*Photo taken in 2019.