During the spending review, Chancellor Rishi Sunak revealed a “levelling up” fund worth £4bn.
The fund will be managed by the treasury, the transport department and the communities department.
As part of the initiative, local areas will be able to bid for funds to build the facilities most wanted by local people, such as transport improvements, better shopping streets, libraries, museums or galleries.
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Sunak said: “For too long funding for development has been complex and ineffective.
“People want to be proud of the places they call home.”