We are delighted to announce that the Margate Town Deal was awarded up to £22.2m as part of the Chancellor’s Budget announcement on Wednesday 3 March 2021. We have signed Heads of Terms on the basis of our Margate Town Investment Plan.
This is a really exciting opportunity to drive long-term economic and productivity growth in Margate, particularly as we meet the challenges presented by Covid-19.
Graham Razey, former Chair of the Margate Town Deal Board, said following the announcement for Margate:
“Today is a day for real celebration in Margate, as the Chancellor’s announcement means that we can now begin the real work to help create the even more thriving town which this community deserves. I’m immensely proud to have been able to work with community partners and business stakeholders to deliver a Town Investment Plan that has resulted in this Government funding, and greatly look forward to seeing the projects get delivered in the coming months and years. Margate is a genuinely fantastic and amazing place, and this investment will help to translate that into a town that is able to keep growing and flourishing for the community’s future.”
The funding will deliver the aspirations of the Town Investment Plan and help Margate prepare for the future with a focus on creating jobs, supporting town centres, boosting businesses and connecting people to where they live and work either through infrastructure or digital.
The Fund is a capital fund, which means it has to be used for tangible assets such as buildings or public space. Whilst the funding is being used to pay for buildings or developing assets, the Government wants to see the money being used to deliver outcomes such as more young people and adults having the skills they need to find work and / or more businesses starting up and staying in Margate.