Cash boost for high streets and heritage

Chancellor will unveil funding to rejuvenate communities and cultural institutions in Budget

HIGH streets will benefit from a Treasury drive worth close to £1billion to “breathe life” back into Britain’s heritage “hotspots” after the pandemic, The Daily Telegraph can disclose.

Rishi Sunak, the Chancellor, will announce the £850million of new funding that will also help museums, and galleries when he delivers his Budget on Wednesday.

The V&A, Tate, Natural History Museum and National Museums Liverpool are among the cultural institutions that will receive funding. More than 65 high streets will be awarded cash to transform disused and run-down buildings into new homes, shops, work- places and community spaces.

Separately, funds from a new £6.9 billion pot will be directed towards a “local transport revolution”, with most going to regional mayors and more than £1 billion on buses.

Mr Sunak said: “From science museums to art galleries to our most cherished historical sites, I am proud to be part of a country with such a strong cultural heritage.

“That is why we’re investing hundreds of millions – so it’s not just today people can enjoy their favourite spots, but for generations to come.”

The Budget will see Mr Sunak set out spending limits for government departments for the next three years.

Sources in the Treasury have played down the chance of other major reforms, stressing that beyond the spending announcements only smaller taxation changes will take place. But the Chancellor is under mounting pressure to once again freeze fuel duty, given petrol prices are expected to hit new record highs this weekend. Treasury figures declined to rule out a rise yesterday.

Under Boris Johnson the UK tax burden has reached its highest point in 70 years, in part to cover increased spending during Covid.

The Telegraph’s Peterborough Diary today reveals that David Cameron joked about Mr Johnson’s high tax record at a recent Number 10 dinner.

“You’re the Prime Minister, I am just a former prime minister – but at least in my day we cut taxes,” he said.

The funding for cultural “hotspots” will be divided into various funds, each with a different target.

More than £75million will help 110 regional museums and libraries improve buildings and digital facilities.

High Streets will benefit from an extra £42million injection into the High Street Heritage Action Zones.

A Treasury spokesman said the money would help “breath life back into our world-renowned cultural and heritage hotspots”.

Meanwhile Michael Gove has been pushing for more money to unlock brownfield land for development, as he seeks to quell Tory backbench concerns over house building in the countryside.

Whitehall sources said Mr Gove had sought to “max out on brownfield opportunities”, in turn helping to relieve pressure on green field areas which will otherwise come under mounting pressure.

He is said to be convinced the policy would protect greenbelt land and deliver on the Government’s target to build 300,000 homes a year.