In the Chancellor's Autumn Budget, there were a number of announcements relating to the future UK High Streets. Most notably, the £675 million 'Future High Streets Fund' which will invest in improvements to town centre infrastructure.
The Cambridgeshire and Peterborough Combined Authority, working alongside District Councils, are currently undertaking a a review of market towns to determine what interventions are needed to ensure a vibrant and prosperous future.
Lucy Frazer MP is very supportive of this pro active approach. In a conversation earlier this month, Lucy discussed with all those involved the best ways to seek funding available from the Government to implement the findings.
High Streets around the country will also benefit from the cut in business rates announced in the Autumn Budget which will take effect in April 2019. Rates will be cut by a third for up to 90% of retail properties for two years. The relief will be available to a range of retail establishments including, but not limited to, shops, restaurants, pubs, and hairdressers. Local authorities will be fully compensated for loss of income as a result of business rates measures.
Lucy said "The future of our high streets is crucially important, not only for economic growth but also for community life in general. Our society would be a much poorer place in every sense of the word if we don't invest in maintaining the vibrancy of our local high streets."