East Suffolk Council is delighted that Lowestoft has been chosen to benefit from funding as part of the Government’s £3.6 billion 'New Towns Fund', following an announcement this morning.
Lowestoft is one of 100 towns which will now have the opportunity to bid for up to £25 million to develop innovative regeneration proposals. The fund is targeting those towns with proud industrial and economic heritage but who have not necessarily always benefitted from economic growth in the same way as more prosperous areas.
The Government is calling for communities, businesses and local leaders to work in partnership to draw up ambitious plans to transform their town’s economic growth prospectus, with particular focus on (but not limited to) improved transport, broadband connectivity, skills and culture. The ambition is to boost productivity, skills and living standards.
Cllr Steve Gallant, Leader of East Suffolk Council, said:
"This is fantastic news for Lowestoft at a really important time. We have already begun developing a high-level vision for the future enhancements to Lowestoft and this funding opportunity will provide us with an outstanding opportunity to capitalise on this work.
Working closely with partners such as Lowestoft Town Council, Suffolk County Council and business groups, we are seeking to develop an ambitious masterplan for the town.
This Government funding stream will enable us to approach this work with greater confidence and we are very excited about what this could mean to such an important town, its residents and businesses."
The Government have confirmed that they will be releasing a prospectus shortly, which will detail the process and set out the eligibility criteria for funding applications.
More details are available on the GOV.UK website.