The Government is supporting the regeneration of towns and communities by targeting further investment at places most in need.

The new Levelling Up Fund will invest in local infrastructure that has a visible impact on people and their communities and will support economic recovery. The Fund will be open to all local areas and allocated competitively. We will prioritise bids to drive growth and regeneration for places in need, those facing particular local challenges, and areas that have potentially benefitted less from Government investment in recent years. We will publish a prospectus for the fund and launch the first round of competitions later this year.

The UK Shared Prosperity Fund (UKSPF) will also help to level up and create opportunity across the UK for places most in need, such as ex-industrial areas, deprived towns and rural and coastal communities, and for people who face labour market barriers.

The Spending Review set out the main strategic elements of the UKSPF in the Heads of Terms. The Government will publish a UK-wide investment framework in 2021 and confirm its funding profile at the next Spending Review.