The leader of Charnwood Borough Council has welcomed news that Loughborough is in line for up to £25 million of funding to regenerate the town.
Cllr Jonathan Morgan says the announcement today by Local Government Secretary Rt Hon Robert Jenrick is a massive opportunity for Loughborough.
The Government has revealed that 100 places around the country will be invited to develop proposals for a new generation of multi-million-pound Town Deals. It says communities, businesses and local leaders will join forces to draw up ambitious plans to transform their town’s economic growth prospects with a focus on improved transport, broadband connectivity, skills and culture.
Cllr Morgan said: “This is fantastic news and presents us with a huge opportunity to shape the future of Loughborough for many years to come.
“This is a significant funding announcement and the borough council will work with residents, businesses, partners and other organisations to bring forward proposals which deliver major benefits for our communities.
“I look forward to seeing further details about the funding process and working with partners to harness this opportunity.”
A total of 33 places in the Midlands Engine are among the 100 pioneers of new Town Deals as part of the Government’s commitment to level up all regions by boosting productivity, skills and living standards.
Local Government Secretary, Rt Hon Robert Jenrick MP, said: “Ensuring that prosperity and opportunities are available to everyone in this country, not just those in London or our biggest cities, is at the heart of the mission of this government.
“We want to level-up our great towns, raising living standards and ensuring they can thrive with transformative investment in transport, technology, skills and culture
“I will now work with local people from the 100 communities announced today to agree proposals to invest up to £25 million in each place. I hope these deals will provide the investment and the impetus for long-term renewal ensuring each town can look to the future with a new optimism.”
The Government says it will soon publish a prospectus to guide towns through the process and set eligibility criteria for funding.
Once approved, new Town Deals will improve connectivity, provide vital social and cultural infrastructure and boost growth – with communities having a say on how the money is spent. Decisions on funding any proposals will be made in due course.