District council leader Paul Peacock’s delight Newark is one of 55 towns to be given £20m endowment-style funds each over 10 years to invest in local people’s priorities

A council leader has expressed his delight at the surprise news that Newark is to have a multi-million government investment virtually doubled.

Newark has already been gifted nearly £25m from the Towns Fund and is now set to receive an extra £20m

55 towns, among them Newark, are to given £20m endowment-style funds each over 10 years to invest in local people’s priorities.

Funding can be spent on local priorities; reviving high streets, tackling anti-social behaviour, culture, improving transport and growing the local economy.

The £1.1 billion levelling up investment is part of a long-term plan for towns that provide long-term investment in towns that have been overlooked and taken for granted.

Paul Peacock, leader of Newark and Sherwood District Council said, “I’m delighted that 55 towns, including Newark, have been given a £20m endowment-style fund each to invest in local people’s priorities.

“We are currently waiting on further guidance on this, including how local authorities can decide to spend this money to reflect what our local residents want and need.

“Additional investment in our town centres is absolutely vital to ensure long term sustainability and we are committed to ensuring that we will do all we can to achieve this. We will continue to identify any opportunity to apply for additional funding to support all areas of our district.”

Community leaders, employers, local authorities, and the local MP, will deliver the Long-Term Plan for their town and put it to local people for consultation.

Cash can be used for improving transport and connections to make travel easier for residents and increase visitor numbers in centres to boost opportunities for small businesses and create jobs.

It can be used for tackling crime and anti-social behaviour to keep residents safe and encourage visitors through better security measures and hotspot policing. And, enhancing town centres to make high streets more attractive and accessible, including repurposing empty shops for new housing, creating more green spaces, cleaning up streets or running market days.

Newark MP Robert Jenrick, who established the Towns Fund, said when the announcement was made at the weekend: “The Newark Towns Fund is pursuing the new space and engineering college, which is being built by Cattle Market roundabout and which aims to improve vocational education for young people.

“It is also turning the old M&S site on Stodman Street into town centre housing, which needs to happen at pace now as there are too many empty shops which are unlikely to filled again with changing habits.

“It has been proposed that funding also enables a new tourism project at Newark Castle gatehouse.

“The future of the St Marks site has also been considered and seems a sensible idea to me.

“We need to use this funding to leverage private sector investment also.

“The state can’t and shouldn’t do everything and successful towns need local investors and entrepreneurs to be actively involved.

“It is critical that Newark and Sherwood deliver these projects swiftly and ensure value for money for the taxpayer.

“It would be devastating if the opportunities provided by over £40m of investment were not realised.

“I will be working closely with them to ensure we choose the right projects and above all, deliver for the people of Newark.”