Towns Fund funding drawdown guidelines published

The 100 towns selected for the Government’s £3.6bn Towns Fund will now be able to draw up their proposals for a multi-million pound investment, the Ministry for Housing, Communities and Local Government (MHCLG) has announced.

The Government has published further Towns Fund guidance which sets out the key information local leaders need to prepare for a Town Deal and develop proposals in the form of a Town Investment Plan.

The guidance was published on the day that non-essential retail began to reopen.

The MHCLG says the guidance will help communities, businesses and local leaders work together and draw up plans to transform their town’s economic growth prospects via a focus on improved transport, broadband connectivity, skills and culture.

Simon Clarke MP, Minister for Regional Growth and Local Government, said: “Ensuring that every part of this country has the opportunity to grow and prosper is at the heart of the mission of this Government, and our Towns Fund is an essential part of making sure that our communities have the level of investment they need to drive jobs and economic growth.

“Investment in our towns is needed more than ever as we move to the next stage of the economic recovery from COVID-19, and the fund will play an important part in the kick-starting of our economic recovery and levelling up our regions.

Using the new guidance, communities, businesses and local leaders will now be able to work together to draw up ambitious plans to bring investment and growth to their local area.”

The 100 selected places have four weeks to decide whether or not to submit a Towns Investment Plan by 31 July 2020 or, in a later cohort, by either October 2020 or early 2021.

All 100 places will be supported throughout the development of their Town Investment Plans by the Towns Hub, which consists of the MHCLG and local government working with the Towns Fund Delivery Partnership led by Arup.

The £3.6bn Towns Fund was launched on in July 2019.

A Town Deal is an agreement in principle between government, the lead council and the Town Deal Board. It will set out a vision and strategy for the town, and what each party agrees to do to achieve this.