Chancellor unveils new £4bn ‘levelling-up fund’ as part of spending review

Rishi Sunak summer statement

The chancellor of the exchequer has unveiled plans for a £4bn “levelling-up fund” as part of his spending review today.

In a truncated spending review marked by top-line figures which highlighted the scale of the damage the coronavirus has done to the UK’s finances, chancellor Rishi Sunak pledged £4bn next year to “drive growth and regeneration in places in need, those facing particular challenges, and areas that have received less government investment in recent years”.

Sunak said that any local area would be able to bid directly for a share of the funding – but they must be delivered within this parliament “and they must command local support”.

These could include bypasses, upgraded railway stations, less traffic or more libraries, museums and galleries, and could have a profound impact on towns and high streets.

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