- 55 towns will benefit from a new £1.1 billion endowment fund to deliver the Conservative Government’s long-term plan to regenerate left behind towns.
- The Long-Term Plan for Towns set out by Prime Minister Rishi Sunak will allocate a ten-year endowment-style fund of £20 million to Spennymoor to be spent on local people’s priorities, like regenerating local high streets and town centres, improving transport and securing public safety.
- This long-term commitment will allow towns to plan for their future, rather than the end of the financial year
Dehenna Davison MP has welcomed the decision to give Spennymoor in the constituency of Bishop Auckland access to a long-term ten-year endowment-style fund.
Spennymoor has been selected as one of the first 55 towns to benefit from the new Long-Term Plan for Towns announced by the Prime Minister, Rishi Sunak, at Conservative Party Conference today.
The Long-Term Plan for Towns will give local people in Spennymoor the opportunity to have their say on where this long-term funding will be invested through new Town Boards.
Spennymoor will also benefit from access to a new toolkit of regeneration powers to unlock more private sector investment by auctioning empty high street shops, reforming licensing rules on shops and restaurants, and supporting more housing in town centres.
In addition to this direct support for Spennymoor, the Conservative Government is launching a Towns Taskforce to support towns in England, helping the newly formed Town Boards to develop their plans, and advise them on how best to take advantage of government policies, unlock private investment and engage their communities.
The Conservative Government will work with local councils and the devolved administrations to determine how towns in Scotland and Wales will benefit from funding and powers under the long-term plans. In Northern Ireland, we look forward to working with a restored Executive to determine the approach to providing support there.
This is just the latest step in the Conservative Government’s plan to deliver on its levelling up agenda, spreading opportunities and prosperity across the country, whilst also delivering on its five priorities to halve inflation, grow the economy, reduce debt, cut waiting lists and stop the boats.
“I am delighted that Spennymoor has been selected as one of the first 55 towns to benefit from the Conservative Government’s new Long-Term Plan for Towns, securing a brighter future for residents.
“People across our constituency will be delighted to hear Spennymoor is getting the support it deserves, showing the Conservative Government’s levelling up agenda in action.”
Commenting, Minister for Levelling Up, Jacob Young MP said:
“The Conservative Government’s new £1.1 billion Long-Term Plan for Towns will transform many of our towns that have been left behind for far too long.
“This first wave of 55 towns will receive £20 million in funding to help deliver their new long term Town Plans as we secure a brighter future for local residents as part of our levelling up mission.”