Peterhead to benefit from £20m of regeneration funding announced in budget
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Peterhead has been awarded £20 million from the UK Government over the next decade to regenerate its town centre.
Banff and Buchan MP David Duguid believes the “transformational” funding will help bring much needed support to Aberdeenshire’s largest town.
The announcement, which was part of the Chancellor’s Spring Budget on Wednesday, will see the money given from the UK Government’s Long-Term Plan for Towns.
The £20 million endowment-style fund will be directly paid to Aberdeenshire Council to be spent on Peterhead’s priorities, including regenerating the town centre, keeping the community safe, improving transport links and growing the local economy.
A Town Board will be set up that will bring together community leaders, including Mr Duguid as the local MP, the local authority, cultural and sporting organisations, public sector agencies and local businesses to develop a long-term plan for the town.
Peterhead was awarded separate Levelling Up funding last year, centred around the vacant Arbuthnot House, which will be turned into a new museum. Part of that funding is also being used to expand the Marine Aquarium in Macduff.
Mr Duguid said: “I’m delighted the UK Government has selected Peterhead to receive this major cash injection over the next decade, which will bring wider benefits to Banff and Buchan.
“The £20 million will be transformational and will help develop a long-term plan for driving growth in the town and the surrounding area.
“Breathing new life into our town centres must be a top priority if we are to encourage people to come to this area and make this their home and place of work.
“This investment and the creation of a Town Board puts decisions in the hands of local people to ensure the most important issues can be addressed in Peterhead.
“I hope the investment means the council now has money it can direct to priorities elsewhere in Banff and Buchan so the whole area can benefit from the additional £20 million.
“This investment is the latest addition of UK Government funding to the area. This includes the £20 million ‘Cultural Tides’ Levelling Up funding for Peterhead and Macduff, almost £10 million for a range of seafood industry initiatives in Peterhead and Fraserburgh and also the announcement last year of the North East Scotland Investment Zone – worth £80 million to the region.”
Aberdeenshire Council Leader Councillor Gillian Owen said: “We are delighted to have been awarded £20 million for Peterhead through the UK Government’s Long-Term Plan for Towns programme.
“This is a very significant and very welcome investment for the town over the next decade – particularly given the continuing challenges our towns are facing – and will provide crucial long-term certainty to deliver projects over the coming years.
“Through the appointment of a town board which will develop a 10-year plan for this financial support, it will ensure that this investment in Peterhead is agreed by local leaders and that the funding is used to address the issues that matter most to local people – be that our high streets, heritage and regeneration, and public safety and security.
“We will continue to work closely with the community, stakeholders and businesses to consider a range of projects which will complement our successful regeneration work, build the local economy and support identified local priorities and opportunities.
“Of course, while this money is to be invested directly in Peterhead, there can be no doubt that the benefits will be felt more widely.”
