Key facts
- The UK government has pledged an additional £210 million for high street regeneration.
- The funds will be used to convert boarded-up shops, pubs, and clubs into shared workspaces, cafes, and community hubs.
- A £125 million derelict buildings fund will help local councils revamp abandoned properties.
- £65 million will support communities in rescuing buildings and businesses at risk of closure.
- £20 million will be split between funding co-operative business ownership and council high street rental auctions.
- The funding is part of a broader effort to address the decline of town centers.
The UK government has announced an additional £210 million in funding aimed at regenerating high streets by transforming vacant properties into community assets. The initiative, championed by Andy Burnham, seeks to empower local communities to revitalize their town centers, which have struggled due to shifts in consumer behavior and rising operational costs.
The funding package includes a new £125 million derelict buildings fund to help local councils convert abandoned shopping centers and other buildings into spaces like community halls and health centers. An additional £65 million is allocated to assist communities in rescuing pubs, clubs, and other businesses at risk of closure. Furthermore, £20 million will support the co-operative ownership of community-essential businesses and fund council-led rental auctions for properties vacant for over a year.
These funds are being redirected from existing high street regeneration budgets and are in addition to the government's £5.8 billion pride-in-place program. Research from the University of Southampton indicates that high streets have experienced more significant decline than other local areas over the past decade, marked by the collapse of major retail chains and an increase in shoplifting.
Rose Marley, CEO of Co-operatives UK, described the specialist fund for mutuals as a "game changer," highlighting the positive impact of community-driven initiatives. While Labour has pledged to increase the number of co-operatives, growth has been modest, though co-operative pubs have seen a significant rise in recent years.