Communities across the South East – including the Isle of Wight – will benefit from £37million of new investment to ensure towns prosper and grow as part of the new Stronger Towns Fund announced today (Monday).
Delivered over 7 years from 2019-20, the £1.6billion fund is part of the Government’s commitment to providing long term support for places that have not shared in the proceeds of growth in the same way as more prosperous parts of the country.
It will be used to create new jobs, help train local people and boost growth – with communities having a say on how the money is spent.
Announcing the Stronger Towns Fund, Prime Minister Theresa May MP said:
“For too long in our country prosperity has been unfairly spread. Our economy has worked well for some places but we want it to work for all communities.
“Communities across the country voted for Brexit as an expression of their desire to see change – that must be a change for the better, with more opportunity and greater control.
“These towns have a glorious heritage, huge potential and, with the right help, a bright future ahead of them.”
James Brokenshire MP, Communities Secretary, has said:
“We have listened to people across the South East who feel left behind by momentous changes to their local communities and I’m determined to provide the support they need to create a prosperous future beyond Brexit.
“This major new fund builds on over £9 billion in City and Growth Deals we have delivered since 2010 to help hardworking people reach their full potential and to build an economy that works for everyone.
“I look forward to working closely with local leaders as they develop their ideas and to hearing what more they propose to bring benefits to their local communities.”
Across England, a total of £1billion will be allocated at Local Enterprise Partnership area level using a needs-based formula. Another £600 million will be available through a competitive process. Local partners will be encouraged to come together to bring forward ambitious proposals in the coming months.
Today’s announcement builds on the Government’s strong track-record of devolution since 2010. This includes the creation of seven new metro mayors, with an eighth due to be elected in May.