Future High Street Fund hits 1 billion pounds as 50 more towns join shortlist

Prime Minister Boris Johnson has confirmed that an additional 50 towns will benefit from the 1 billion pound Future High Street Fund.

Last year, the then chancellor Philip Hammond announced the 675 million pound fund to help tackle the high street crisis. On Monday, the Ministry for Housing, Communities and Local Government (MHCLG) announced an additional 325 would be added to the fund, bringing its total to 1 billion pounds.

The 50 towns, which span from Dudley to Dover and Scarborough to Stockport, will join 50 areas already shortlisted to develop plans to reinvent their high streets by improving transport and access into town centres, converting empty retail units into new homes and workplaces, and investing in vital infrastructure.

Funding aims to ‘reenergise and transform’ UK high streets

The PM said in a statement: “Our high streets are right at the heart of our communities, and I will do everything I can to make sure they remain vibrant places where people want to go, meet and spend their money. But with our town centres facing challenges, we’re today expanding the High Streets Fund to support over 100 high streets to regenerate – backed by 1 billion pounds of vital investment.

“This scheme is going to reenergise and transform even more of our high streets – helping them to attract new businesses, boost local growth, and create new infrastructure and jobs.”

Successful candidates in the scheme will progress to the second phase of the Future High Streets Fund and receive up to 150,000 pounds towards the development of project proposals that can be submitted for capital funding.

A record number of stores disappeared from the UK’s top 500 high streets in 2018, according to PwC research compiled by the Local Data Company (LDC). In total, 3,372 shops opened, compared to 5,833 that closed, meaning the high street saw 2,481 store exits in 2018, representing 16 store closures per day.

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