The government initiative to reinvigorate UK high streets, announced in the October budget, launched on Boxing Day. A fund of £675 million is open for local council bidding for projects which will see high streets reducing their reliance on retail and finding new uses for vacant premises. Sir John Timpson whose High Street Report called for more money to enable local authorities to improve their town centres commented: “By helping our towns create their own individual community hub, I believe we will have vibrant town centres to provide a much-needed place for face-to-face contact in the digital age.” Many are pushing for the redevelopment of long vacant retail space, as well as the unused upper floors above many retail premises, into low cost accommodation for young single people and couples who are currently unable to find affordable rentals along the lines of developments in University towns and cities. This would begin to create new footfall in town centres and benefit retailers.
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