20 Acknowledged

The £3.6 billion Towns Fund has three separate strands of funding comprising: • The 101...

Conclusion
The £3.6 billion Towns Fund has three separate strands of funding comprising: • The 101 selected towns invited to develop Town Deals and bid for up to £25 million each, or up to £50 million in exceptional circumstances; • A competition for funding for those towns not in the initial selection of 101 towns; and • The Future High Streets Fund, to be distributed to towns and high streets across England through a competitive process.45 38 Q 34 39 Q 63 40 Q 63 41 Qq 76, 92 42 Q 92 43 Qq 79–80 44 Qq 80–81 45 C&AG’s Report, para 1.2 14 Selecting towns for the Towns Fund
Government Response Summary
The government acknowledges the description of the Towns Fund's structure and provides an update, stating that the competition for towns not in the initial selection will now be run as part of the new Levelling Up Fund.
Government Response
Acknowledged
HM Government Acknowledged
6.4 The Towns Fund is a central component of the government strategy to level up the country, alongside the UK Shared Prosperity Fund, the Future High Street Fund and the recently announced Levelling Up Fund. 6.5 This is also why the government announced the 2020 Spending Review on 15 December 2020, the Levelling Up Fund, which will be the next step in moving away from a fragmented landscape with multiple different funding streams. This will build on the place-based approach to investment spearheaded by the Towns Fund and will align closely with the UK Shared Prosperity Fund, allowing places to make choices and identify priorities in a coherent, joined up way. It will focus on bids that drive growth and regeneration in places of need, including previously neglected towns. 6.6 The Levelling Up Fund includes £300 million that had previously been set aside for the Towns Fund competition – this will now be run as part of the consolidated fund.
Source
Committee Public Accounts Committee
Inquiry Selecting towns for the Towns Fund
Report Twenty-Fourth Report - Selecting towns for the Towns Fund 11 Nov 2020 HC 651
View on Parliament website
Addressee Bodies
HM Treasury
Timeline
Recommendation age 5.7 yrs
Report published 11 Nov 2020