It's part of the 'Stronger Towns Fund' announced earlier today.
People across the East Midlands will benefit from £110m of new investment to ensure their towns prosper and grow as part of the new Stronger Towns Fund announced today.
Delivered over seven years from 2019-20, the £1.6 billion 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.”
Communities Secretary, Rt Hon James Brokenshire MP, who is also the Government’s Midlands Engine Ministerial Champion, said:
“We have listened to people across the East Midlands 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.”
Minister for Local Growth, Jake Berry MP said:
“We must create inclusive growth everywhere, which means enabling towns and people across the Midlands Engine to prosper.
“What has worked in Grimsby is a blueprint for how the Government can work with local people to build infrastructure, confidence and ambition.”
Across England, a total of £1 billion will be allocated at Local Enterprise Partnership area level using a needs-based formula, with £322 million going to the Midlands Engine.
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.
The fund will help unlock the potential of towns in the East Midlands by investing in their building blocks of productivity and success
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.
The UK Government will seek to ensure that towns also in Wales, Scotland and Northern Ireland can benefit from the Stronger Towns Fund, building on the success of the UK Government’s City and Growth Deals initiative. We will confirm in due course the additional funding we will provide to those governments to reflect this new funding for England.