The Greater Lincolnshire LEP welcomes the Government's new Stronger Towns Fund
Last month the Government announced £1.6 billion in funding for its new Stronger Towns Fund – a decision we very much welcome.
The new fund aims to boost local and regional growth and give communities a greater say in their future after Brexit. It’s part of the Government’s plan to rebalance the economy and seeks to increase prosperity in areas of England which have not shared the proceeds of growth as much as other parts of the country.
As part of the announcement, the Government has ring-fenced £322 million of the fund to the Midlands, making the Midlands Engine region one of the biggest net beneficiaries, second only to the Northern Powerhouse which will receive more than half of the new pot of money.
Of the £322 million the East Midlands will receive £110 million, while the rest will be allocated to the West Midlands.
Communities from across the UK, in partnership with Local Enterprise Partnerships, will be able to draw up plans for their towns which aim to boost local job growth.
The Stronger Towns Fund is intended to build on the Government’s City and Growth Deals, which Greater Lincolnshire has benefited from over the past five years.
Communities Secretary James Brokenshire MP said: “We have listened to people who are concerned by momentous changes to their communities and I am determined to provide the support they need to create a more prosperous future beyond Brexit.
“This major new fund builds on more than £9 billion in City and Growth Deals we have delivered since 2010 to help hard-working people reach their full potential and to build an economy that works for everyone.
“I look forward to working closely with local leaders to take forward their encouraging proposals and to hear what more they propose to bring benefits to their communities.”
Ruth Carver, LEP Director, said: “We very much welcome this new fund, which will go a long way towards helping less prosperous areas of England to thrive and build a stronger and fairer economy.
“As with the Growth Deal, we will work with our communities in Greater Lincolnshire, as well as with partners across the East Midlands, to ensure this money is spent in the most effective way for our area.”