An Isle of Wight town will benefit from millions of pounds of money set aside for regeneration, one of the Island's MP's has said, ending doubts over whether the cash would ever see the light of day.

Under the previous Conservative government, Ryde was identified as one of the places across the country earmarked for endowment-style funds.

Then Prime Minister Rishi Sunak promised to allocate £20 million to the town, over a ten year period, to help regenerate high streets and tackle anti-social behaviour.

To draw up investment plans and a consultation, Ryde Town Board was formed, allowing residents to have their say on how the money should be spent.

However, the new Labour government cast doubt on the plans when it announced a “review” after winning the General Election.

This was seen as the "first step" to cancelling the funding.

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Now, after seeking clarification with Alex Norris, minister for local growth, MP for Isle of Wight East, Joe Robertson, said the town would get the funding after all.

He said: "A lot of work has already gone into Ryde Town Board’s draft plan, and we now have the opportunity to consult further with the local community and local businesses to ensure that we submit the best plan possible.

"The minister was very strong on ensuring everyone has a chance to influence the plan, so I look forward to reopening our local consultation.”

The town board plans were originally due to be submitted to government in August but in light of the delay, it has now been given until Spring 2025 to hand in its final plan.

Substantive funding is expected to start in 2026 and last into the mid-2030s.

Original themes of transport, heritage and community safety remain, however the minister wants there to be a revised prospectus to reflect Labour’s priorities, the MP said.

Mr Robertson added: “I look forward to working with my fellow Ryde Town Board members, including its chair Steve Holbrook, together with Ryde Town Council, the Isle of Wight Council and the whole Ryde community to ensure we make the best of this once in a generation opportunity.”