The Towns Fund was announced by the Ministry of Housing, Communities and Local Government in July 2019, with total funding of £3.6 billion – this funding is composed of three separate strands:
- The Future High Streets Fund – funding is distributed to towns in England, allocated following a bidding process, with the aim of renewing town centres and high streets “in a way that drives growth, improves experience and ensures future sustainability.”
- The Towns Fund – 101 towns in England were selected to develop “Town Deals” and bid for up to £25 million (or up to £50 million in exceptional circumstances) following a bidding process, with funding designed to address issues such as “ageing populations, limited regional economic opportunities and lack of investment.”
- A further bidding round for towns not selected as one the initial 101 towns invited to develop Town Deals.
Both the Future High Streets Fund and Towns Fund cover England only.
The Future High Streets Fund and Towns Fund are described in greater detail in the attached document; information on the further bidding round for towns not selected as one of the 101 towns invited to develop a Town Deal has yet to be published.
 Ministry of Housing, Communities & Local Government, Future High Streets Fund, 26 August 2019
 House of Commons Public Accounts Committee, Selecting towns for the Towns Fund, HC 651, 2 November 2020, pg. 8