Corby has been named among the first 100 places in the country to benefit from the Government’s Town’s Fund.
The town has qualified for support as a place with a proud industrial and economic heritage that has not benefitted from economic growth in the same way as more prosperous areas.
It will now be able to bid for up to £25m of the cash.
A total of 30 places across what the government is calling ‘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.
Communities Secretary, Rt Hon Robert Jenrick MP, who is also the Government’s ‘Midlands Engine Champion’, said: “Ensuring that prosperity and opportunities are available to everyone in this country, not just those in London or our biggest cities is central to 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 infrastructure, technology, skills and culture.
“I will now work with local people from the 100 communities announced today to agree proposals to invest up to £25m in each place. I hope these deals will provide the investment and the impetus for long-term renewal ensuring each place can look to the future with a new optimism.
“My priority for the people of Northamptonshire, Corby and the whole Midlands Engine is that everyone has the opportunity to thrive no matter where they live – that’s why we are building on the millions already invested in the area through the Local Growth Fund to boost growth and create jobs for local people.”
MP Tom Pursglove said: “Having been pushing for our inclusion for some months since the ‘Towns Fund’ initiative was first announced by the Government, I am absolutely delighted that Corby has been listed to bid for up to £25 million in support of regeneration projects in our town.
“Given our proud industrial heritage and the enormous housing growth that we are seeing, it is absolutely essential that our infrastructure keeps pace and this investment will undoubtedly do much to help with this and boost the local economy and opportunities within our town.
“Having long been calling for a new Enterprise Zone for Corby, in order to help lever in even more new jobs and investment, I very much hope that sort of project can be considered to be included as part of an ambitious local bid, and I look forward to seeing the Government guidance on this in due course.”
The Government will soon publish a prospectus to guide towns through the process and set eligibility criteria for funding.
It says that, 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.