REDDITCH will benefit from a £1million funding boost this year to further accelerate investment across the town.
It follows the launch of the Prime Minister’s ‘New Deal for Britain’ – a wider economic package to accelerate infrastructure projects, fuelling jobs and the country’s economic recovery following coronavirus.
As part of this, towns across England that have successfully been selected to receive investment via the Government’s Towns Fund will benefit from a share of £96 million to accelerate investment in their town centres and high streets.
It’s been confirmed Redditch will receive £1m from this fund to spend on projects across the town this year. This is an advance of the Town Deal award of 2019 which could be worth up to £25m to the borough.
The Towns Fund is targeted at areas with a proud heritage that have not always benefited from economic growth in the same way as more prosperous areas.
This announcement brings the first tranche of money from the fund to help Redditch meet some of the immediate challenges the town faces as a result of Covid-19 and invest in ‘shovel ready’ projects that will improve the town centre.
Meanwhile, work will continue on Redditch’s Town Deal bid to access up to £25m.
On Friday, July 3, Redditch’s Town Deal Board met again to discuss the progress that had been made in developing the town’s bid to access the funding.
“It’s fantastic that Redditch is going to immediately benefit from the Prime Minister’s announcement,” said local MP Rachel Maclean.
“This £1m which is being brought forward ahead of schedule will enable us to accelerate proposals that will transform our area and help Redditch to thrive.”