Cheadle Towns Fund
Last updated 1 May 2020
1. About the fund
In November 2019, the government formally launched a £3.6bn Towns Fund as part of a wider strategy to rebalance the national economy. Cheadle Town has been invited to bid for up to £25m. This amount is subject to government approval.
The objectives of the fund are to invest in:
- economic growth
- improved transport
- digital connectivity
- skills and enterprise
Proposals must make a difference to the area and meet the fund's criteria.
Each town must set up a board and develop a Town Investment Plan. The plan will set out priorities for potential investment according to local needs and what the fund can support. Cheadle’s plan was submitted in October 2020.
The plan forms the basis for a town deal with the Ministry of Housing Communities and Local Government (MHCLG). On 3 March the Cheadle Board was offered up to £13.9m towards 3 of its proposed projects:
- new rail station
- package of cycleways and walkways
- innovative Eco Business Park
Proposals to rejuvenate the High Street for small businesses was not supported. You can find out more in our news release.
What happens next?
Cheadle is now entering stage 2 of the town deal process. This requires the development of detailed business cases for each project before any funds can be released. It's expected that this will take up to 12 months.
Local people, organisations and businesses will continue to be engaged to help develop the project ideas further and support the business cases.
The Town Fund area
For more information about the boundary for the Cheadle Town Fund area view our boundary map (PDF 2.5Mb).
The Cheadle Towns Fund Interim Board first met on the 31 January 2020 and currently meets monthly.
A public survey was carried out in July 2020 by the Cheadle Village Partnership, on behalf of the Cheadle Towns Fund Board. The survey objectives were to assess people’s views on the economic future of Cheadle and identify areas for improvement that could be included in a Town Investment Plan. The results were used to inform the Cheadle Town Investment Plan.
The survey received a really strong response of around 1,200 which provided an excellent evidence base for the proposed projects. The findings were supplemented with interviews with key businesses and local stakeholders. The views of those who took part in the research is summarized in the Cheadle Towns Fund Report 25 August 2020.
Terms of reference
The Board formally approved the terms of reference at a meeting on the 23 October 2020. Read the terms of reference (PDF 174Kb).
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