Extra £90 million to be invested in Telford over next four years

Telford & Wrekin Council said it will use the funds to boost town centre high streets, improve roads, build homes and support businesses up until 2024.

A report to the council's cabinet outlining the plans includes a £60m growth fund to invest in council-owned buildings to let for businesses and to build new homes for rent.

The council said £5m is being earmarked for the regeneration of high streets, including in Dawley, Ironbridge, Madeley, Newport, Oakengates and Wellington.

A total of £16m is being ring-fenced for improvements to roads, footpaths, bridges and other structures, while £5m will be used for environmental projects.

A £4m contingency fund is also set to be created for various initiatives, including reducing the council's carbon footprint following its pledge to remove single-use plastics by 2023 and become carbon neutral by 2030.

This comes as the council plans to pay out an extra £9m from next year on the rising costs of social care.

The authority said funding generated by a 3.99 per cent council tax increase will see about £2.7m contributed towards the rise.

Councillor Lee Carter, cabinet member for finance, said: "In the current climate where council funding continues to reduce and pressures on day to day services such as social care increase, it is vital that we continue to invest in our borough’s future.

“To secure investment to create a better borough on this scale in such a tough financial climate for councils is a phenomenal achievement and is only possible due to our long track record of sound financial management.

“We will continue to create the right environment to ensure that businesses invest and grow in our borough, which itself helps create more resources for day to day services such as social care.”

Council leader Shaun Davies added: “This is another indication of the careful and responsible approach we continue to take, using our investment into the borough to help services that care and protect our most vulnerable residents.

“We are investing in areas that will ultimately help to generate more funding for vital council services such as social care.”