Up to £155m is being earmarked by the Church of England to drive forward growth, protect its historic cathedrals for future generations, and increase its presence in underprivileged areas.

The funding plans, which are subject to final approval by Church Commissioners meeting next week, also seek to increase the number of people training for the priesthood over the next three years.

The investment proposals have been drawn up under the Church's Renewal & Renewal programme to boost growth across the country.

As part of this programme, the Church is part way through an ambitious drive to increase candidates for ordination by 50 per cent.  

Some of the funds will go towards building on the success of this drive in the last two years, which has already seen a 23 per cent increase in the number of people starting training for ordination to the priesthood. 

Up to £63m will be invested in ministry growth to cover the full additional costs of training ordinands between 2020 and 2022. 

The Archbishop of Canterbury, Justin Welby said: "Our ongoing and new investments underline our commitment to supporting the growth of God's Kingdom, so that more people can come to know the hope of Jesus Christ in their lives.

"The funding strengthens the ability for the whole of the Church to bear increased witness and extend Christian love and service in the many and varied communities it serves."

Under the plans, dioceses will receive funding to support church growth programmes as well as mission and outreach in low income communities and areas with the greatest financial need.  Schemes that offer affordable housing and tackle poverty are some of those that will benefit from up to £20m in social impact investment.

Cathedrals, many of which have enjoyed increasing attendance rates in the last decade, are to receive up to £10m to help them develop financial sustainability strategies.  Those that are experiencing financial difficulty will benefit from an additional commitment of £10m in support.

Loretta Minghella, the First Church Estates Commissioner, who has responsibility for the investment portfolio, said the fresh round of funding "takes the growth of the Church into its next phase".

"Our intention is to continue playing our historic role in sustaining and growing the Church so that, in God's grace, the Good News of the Risen Christ will transform many more thousands of lives," she said. 

Canon John Spence, Finance Chair of the Archbishops' Council said: "The Renewal and Reform agenda is all about the centre of the church supporting our parishes and dioceses in the critical work they are undertaking to bring the joy of Christ into the centre of their communities.

"Achievements in the last five years have been seen in many ways - numbers of ordinands, reach of our digital activity, and the many new strategic projects, to name just a few.

"These funds will enable that progress to be scaled up with sustained impact."