Three Cornish towns and its only city are among the first in the UK to receive a share of £3.6 billion from the government.

Camborne, Penzance, Truro and St Ives have been chosen to get money from the new Towns Fund, designed to boost jobs and economic growth.

Each will receive up to £25 million.

The government said places with "proud industrial and economic heritage like Penzance and St Ives" were chosen as they had not benefitted from economic growth in the same way as more prosperous areas.

West Cornwall MP Derek Thomas, whose constituency includes Penzance and St Ives, said: “This is truly excellent news and an indication that the government is fully aware that some communities are lagging behind others and need investment if they are to catch up with the rest of the country.

“In both Penzance and St Ives, I know that there is a lot of work going on to recognise the challenges that exist and to come up with workable schemes which will benefit each town and the people living there.

“In addition, recognising that people here in the far west of the county are overwhelmingly backing Cornwall Council’s ambition of becoming carbon neutral by 2030, I hope that the fund can be used for the benefit of our environment.”

In Penzance’s case, the money from the Town Fund will be in addition to up to £25 million of possible funding from the Future High Streets Fund.

Penzance has already reached the second stage of this fund and received £150,000 to work up a workable scheme.

Mr Thomas also vowed to keep fighting for Helston.

The MP, who has been working with different groups and stakeholders in Helston, added: “I am hopeful that more government investment can be secured for Helston once some clear priorities have been established.”

Truro and Falmouth MP Sarah Newton said: “I am delighted with this good news. I have been making the case for more investment in Truro for some time.  "I am determined to ensure that Truro and Newham BID, Truro City Council and Kenwyn Parish Council and local people are all thoroughly involved in developing the regeneration plan. "Truro is a great place but the city centre is struggling.

"I am proud of my role in securing support and funding for the redevelopment of the Hall for Cornwall and the emerging plans for the redevelopment of the Pydar area.

"But we are losing shops from the town centre and many small businesses are struggling. This is a significant investment and if it is well spent could be transformative.”

The government will soon publish a prospectus to guide towns through the process of the Towns Fund and set eligibility criteria for funding.

Communities Secretary Robert Jenrick said: "Ensuring that prosperity and opportunities are available to everyone in this country, not just those in London or our biggest cities is central to the mission of this government.

“We want to level-up our great towns, raising living standards and ensuring they can thrive with transformative investment in infrastructure, technology, skills and culture."

He added that this money came on top of Cornwall receiving funds in the latest round of Growth Deal funding, worth £18.03m, which is being used on a Creative Tech Hub in Truro and the upgrade of Goonhilly Earth Station to assist the development of UK space technology.