Wolverhampton North East MP Jane Stevenson has welcomed news of a £1 million boost for the city thanks to the Government’s Towns Fund scheme.
The initial investment for regeneration and growth projects comes ahead of a larger pot of cash for the city’s Towns Fund bid.
Wolverhampton is one of more than 100 places chosen to benefit from the transformative £3.6 billion Towns Fund, with each area receiving support to produce a bespoke multi-million pound ‘Town Deal’ to improve their area. These could include upgrading transport and digital infrastructure or improving high streets, driving growth and raising living standards.
Working with local stakeholders, Jane has successfully secured a chunk of the £1 million for immediate investment into Wednesfield High Street and the surrounding area. Works will include upgrading and refreshing the market, as well as improving the car parking offer and cosmetic improvements such as new signage, street furniture and road repairs.
Town Deals build directly on the Government’s commitment to decentralising funding and decisions away from Whitehall and investing in the growth of local economies, giving local leaders and communities more say over their futures.
In June, the Prime Minister announced that this initial £80 million tranche of funding from the overall Towns Fund would be brought forward and shared out to get projects off the ground and give local areas a boost as they build back better from coronavirus. In total, in his ‘New Deal’ for Britain, the Prime Minister announced £5 billion of projects that would be accelerated in order to deliver jobs, skills and new infrastructure to every corner of the country, spurring the nation’s economic recovery in this unprecedented time.
Jane said: “I welcome this £1 million boost to our city from the Government, which I know will make a huge difference. I have successfully secured a significant chunk of this sum for investment in Wednesfield High Street, in my constituency, to improve the market and attract more shoppers.
“This investment from Government shows that they are intent on delivering their promise to level up the country, spread opportunity and accelerate economic growth at a critical time.
“Market traders and residents in Wednesfield will be delighted to hear this news, and I will continue to work closely with them and the Government to ensure the money is invested wisely and reflects local priorities.”
Communities Secretary Robert Jenrick MP said: “Our Towns Fund will help to share prosperity across the country and level-up.
“This £80 million funding for immediate investment is a real boost for our towns and will help them thrive with investment in transport, technology, skills and culture.
“It will give towns across the UK the opportunity to drive economic growth and improve prospects for their communities, which will be vital as the country responds to the impact of the coronavirus pandemic. We are fully behind our high streets and will support local areas to build back better.”