A £61 million Right-to-Buy Fund has been announced to help local communities take ownership of struggling pubs, shops, community spaces and sports pitches that matter to them.
The government announced the initiative as part of the £5 billion Pride in Place programme and will be targeted at deprived areas where closures of both key assets and hard-pressed businesses are most common.
Communities Secretary Steve Reed (pictured) said: “I am pushing power out of Whitehall and into the hands of the people who actually use these high streets. They know what they need better than any politician in Whitehall.
“We’re backing communities to step in and save these high street gems, building on our drive to give communities the key to their own future and power over what matters to them.”
This funding was part of £301 million announced by the government which also included action on tackling profiteering in the temporary accommodation and children’s social care sector, and making it easier for social housing tenants to take control of their homes.
Latest figures show approximately 38 shops close every day, the majority being banks, pharmacies and general retail stores hit by changing shopping habits, rising business rates, and a shift toward digital banking.
And even when accounting for new store openings, the net reduction is roughly 12 shops per day.
Industry data from the hospitality sector reveals around 366 pubs are permanently lost – usually either demolished or converted – every year, usually as a result of financial pressures, such as increases in the minimum wage, national insurance contributions, and high beer duties.
