How much will Banbury get from post-Brexit towns fund?
The Government launched a new £1.6bn fund that will be handed out after Brexit – but Banbury is not expected to receive much of it.
The Stronger Towns Fund will be ‘targeted at places that have not shared in the proceeds of growth in the same way as more prosperous parts of the country’, according to the Department of Housing, Communities and Local Government.
Of the money, about £281m will go to the North West, while the South East will only be given £37m.
Oxfordshire County Council has already been told it will get just 0.15 per cent of Government funding for post-Brexit planning. The county has received £87,500 of a £56.5m pot.
The pot is split into £1bn, divided in England using a needs-based formula, and £600m communities can bid for.
Detractors have said local authorities in the regions that will receive most money from the fund have suffered cuts of hundreds of millions over the last decade.
The North East will receive £105m, while Yorkshire and the Humber will have a £197m injection.
The West Midlands will receive £212m and the East Midlands will benefit from £110m.
Much of the money has been directed to coastal areas – demand for services there might increase following Brexit, the government said.