Chancellor pledges £1.5bn to 'back High Street'

Budget retail measures

Chancellor Philip Hammond has launched a £675m ‘Future High Street Fund’ alongside significant business rates relief for small retailers from April 2019.

In a Budget which Hammond said signalled the “start of the end of austerity”, the Chancellor announced the treasury would provide £675m of ‘co-funding’ over the next four years “to support councils to draw up formal plans for the transformation of their high streets”.

The chancellor said the fund would also “facilitate the redevelopment of underused retail and commercial areas into residential and office properties,” and added that the government would consult on whether changes to use classes and the compulsory purchase order regime could support this.

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