What is the Towns Fund?

The Towns Fund is a £3.6 billion fund established by the government to level up towns and cities around the country.

For more information about the scheme visit GOV.UK - Towns Fund Prospectus.

Preston's Towns Fund

Preston has been successful in securing £20.9 million in funding for projects in the city centre

Through the Towns Fund Board we have talked to residents, businesses and other organisations to identify projects that will help deliver a huge economic and cultural benefit to the city.

Who makes up the Towns Fund Strategic Board?

To find out who makes up the Board, plus past agenda documents see Meet the Towns Fund Strategic Board.

How did the Board decide which projects will get funding?

Leaders from across Preston's community have risen to the opportunity that Towns Fund has created and put forward almost thirty projects for consideration. Not all projects were eligible for this funding, so the board have selected a shortlist.

A process was applied when making their final selection, as the shortlisted projects will form the backbone of Preston's City Investment Plan submission.

Each project was ranked according to a list of critical success factors. These determined how closely each project matched the government's vision for Towns Fund - to drive the sustainable economic regeneration of our towns for long-term economic and productivity growth.

Some projects may also enable Preston to further recover and rebound from the Covid-19 pandemic and attract further private investment to the city.

Selected projects must:

be delivered in the 2021 - 2026 timeframe
contribute to inclusive growth
align with Preston's key strategies and policies

Preston's council has developed a long-term strategic plan for the city and welcomes new ideas and dialogue from all sectors of the community to help achieve their ambitions.

The Preston Towns Fund Board would like to thank each and every project member that has worked so hard over the last few months to submit their project during these very challenging times.

Selected projects

To find out which projects have been successful in securing funding through Towns Fund please visit projects submitted for the Towns Fund bid.

What are the next steps?

On 15 June 2020, the government issued further guidance to the 100 towns that were invited to bid for a capital fund of up to £25 million each. This information can be viewed in the Towns Fund Further Guidance document.

Since the launch of the Towns Fund in July 2019, the UK has seen an unprecedented set of challenges. This has not changed the vision of the Towns Fund: to drive the sustainable economic regeneration of our towns for long-term economic and productivity growth.

Indeed, the Towns Fund welcomes Investment Plans that can demonstrate projects that will help the town to recover and rebound.

Following Preston's successful Towns Fund bid, the successful projects will now move forward in their development starting with the Harris Quarter Pop Ups project, a series of cultural events in Preston throughout 2021 aimed at attracting more residents and visitors to the city centre.