£62million boost for high street

A £62MILLION cash boost has been announced by ministers to save the nation’s beleaguered high streets.

The government-funded warchest is aimed at helping transform derelict historic buildings in waning town centres into new retail outlets, offices, creative spaces and housing.

It is part of a wider plan to regenerate Britain’s high streets, which have been hit hard by the rise of internet shopping and business rates.

The crisis has been highlighted by the Mail’s Save Our High Street campaign, which calls for an overhaul of the business rates system to level the playing field with online rivals. Announcing the initiative, Culture Secretary Jeremy Wright said: ‘Our heritage makes communities more attractive places to live, work and visit.

‘This £62million investment will breathe new life into high streets, benefiting local people and businesses, as well as providing assistance to historic buildings.

‘It is right that we do all we can to not only protect our heritage, but make it work for modern life.’

The government announced a comprehensive plan for high streets in last year’s Budget, including a £675million Future High Streets Fund and a £1billion business rates discount for small retailers.

Communities Secretary James Brokenshire said: ‘This will help the high street to capitalise on local heritage by restoring treasured historic buildings for economic use. This is a proven way to drive footfall, increase further investment and generate even greater civic pride in our high streets.’

Research has shown that for every £1 invested in heritage in England, £1.60 is brought into the wider area. The funding includes £44million for dozens of High Street Heritage Action Zones overseen by Historic England. A further £3million will support a cultural programme to engage people in the life and history of their high streets while £15million will support organisations to bring buildings of local importance back into use.