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St Ives has been named as one of four towns in Cornwall to be supported by the government’s new Towns Fund.

Along with Camborne, Truro and Penzance, it will have the chance of up to £25m of investment to develop innovative regeneration plans.

Communities, businesses and local leaders will now join forces to draw up ambitious plans to transform St Ives’ economic growth prospects with a focus on improved transport, broadband connectivity, skills, and culture.

Julian German, leader of Cornwall Council, welcomed the announcement, but called on the government to provide more detail on exactly how much funding will be available for each area.

He said: “It’s good to hear that these towns will receive the much-needed support they deserve from government. Communities in Cornwall rely on strong towns as places for residents to meet, socialise, and do business.

“Cornwall Council has been lobbying hard for government support for our towns, setting out the case for regeneration, and I am pleased they have listened and seen how much potential Cornwall has, and what investing in its towns can achieve.”

Bob Egerton, Cornwall Council’s portfolio holder for planning and economy, said: “The health of the high street is vital to Cornwall’s overall economic health, so any extra funding in this area is to be welcomed.

“We hope other towns around Cornwall will also get the same opportunities as these areas.”