£20m Funding Boost for Torquay Town Regeneration Plans
Torquay will be one of the 55 towns which will benefit levelling up investment from the Government
The Government has announced Torquay will be one of the 55 towns which will benefit from a portion of a £1.1 billion levelling up investment, as part of a long-term plan for towns.
Each town will be given £20 million of endowment-style funds over 10 years to invest in local priorities, like regenerating local high streets and town centres or securing public safety.
Torbay’s MP Kevin Foster has given a warm welcome to the Prime Minister’s announcement, ahead of the Conservative conference happening this weekend in Manchester.
This funding is in addition to the existing £21.9m Government funding package for the Torquay Town Deal.
The Torbay MP has responded to the funding, “This latest funding boost is fantastic news, bringing the Government’s support for Torquay’s regeneration to a staggering £41.9m! It is exactly what was needed after the loss of Wilkos and will help drive change in our town, with derelict sites becoming new homes, businesses and cultural venues.”
The work will be overseen by a Town Board, bringing together community leaders, employers, local authorities, and the local MP, to deliver the Long-Term Plan for the town. They will also be able 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.