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The UK government today unveiled a £1 billion investment dedicated to 55 innovative projects, marking a step in revitalising communities across the nation. This funding, a core component of the levelling up agenda, is set to enhance high streets and evolve transport links.
This includes improvements for the fishing industry and sustainable job creation in Torbay, the restoration of heritage and cultural sites in former mining communities in Doncaster, and essential funding for the transformation of the transport network in Blackpool town centre.
Of this investment, £150 million is earmarked for developing nationwide transport connections, with an additional £825 million allocated to invigorate town centre regeneration. This move is aimed at fostering new job opportunities, boosting economic growth, and rejuvenating local communities.
Speaking on the initiative, Levelling Up Secretary Michael Gove said, “Levelling up means delivering local people’s priorities and bringing transformational change in communities that have, for too long, been overlooked and undervalued. Today we are backing 55 projects across the UK with £1 billion to create new jobs and opportunities, power economic growth, and revitalise local areas.
This funding sits alongside our wider initiatives to spread growth, through devolving more money and power out of Westminster to towns and cities, putting in place bespoke interventions to places that need it most, and our Long-Term Plan for Towns.”
The funding is spread across various regions, including the North West, North East, Yorkshire and the Humber, and the Midlands. Selected projects were chosen from a pool of high-quality bids from the previous round, demonstrating the government’s focus on ready-to-implement, impactful initiatives.
Since its launch in 2021, the Levelling Up Fund has contributed £3.8 billion to 216 projects, fostering community pride and economic prosperity. Examples include the Bolton College of Medical Science, set to open in 2024, and a new carbon-neutral ferry terminal in Portsmouth, part of the fund’s first round, enhancing the port’s capacity.
This latest funding announcement aligns with last month’s £1 billion Long-Term Plan for Towns, designed to empower local communities in shaping their future, with initiatives targeting high streets, anti-social behaviour, transport, and economic growth.
This commitment complements other town-centric initiatives, such as the Towns Fund and the £1 billion Future High Streets Fund, aimed at rejuvenating town centres.