In the Chancellor’s autumn statement last year, he announced the introduction of a ‘Future High Street Fund’. The new fund would release £675m in two rounds, allocating millions to shopping districts across the nation.
‘Places’ have been invited to submit Expressions of Interest by 22 March 2019 for The Future High Street Fund, setting out their challenges and strategic approach to regenerating town centres.
IWC to bid
A spokesperson for the council confirmed to OnTheWight,
“The Isle of Wight Council is submitting one bid (that is all the Island is allowed by the government due to our constituency size).
“We have got excellent stakeholder engagement and support so far for the bid.”
The council’s choice
The council spokesperson went on to confirm,
“The bid area that the Isle of Wight Council has chosen is Newport, and the bid is being prepared and submitted through the Shaping Newport partnership.
“This is a partnership between Newport Parish Council, Newport Business Association and the Isle of Wight Council Regeneration team.”
Assuming the Isle of Wight is successful at stage one, they will been informed by the summer and have until the end of the year to submit their final business case for the cash.
Over the water
Portsmouth City Council is working on two bids for a total of £50m of government funding.
They have chosen Commercial Road and Fratton Road to focus on for £25m each to improve public transport to and from the areas, fill vacant shops, host markets and encourage business diversification.