Philip Hammond has pledged to set up a new fund to invest in Britain’s high streets in an attempt to revive many of the country’s struggling town centres.
The chancellor said that a new £675 million “future high streets fund” would be established to support councils in drawing up formal plans for the transformation of their high streets.
He said that the fund could be used to help invest in any improvements needed, assist the redevelopment of empty or under-used retail and office space into flats, and develop strategies to “deliver much-needed footfall to high street businesses”.
The Telegraph adds that thousands of small retailers across England are in line for a major tax cut over the next two years as part of the Government’s wider plan to regenerate the country’s battered high streets and support struggling shops.
Retailers in properties with a rateable value of less than £51,000 will have a third wiped off the amount of tax they pay through business rates. The change announced in the Budget will cut bills for up to 90pc of small retail properties, according to the Treasury.
In another boost to the high street, large tech firms will face a new digital services tax of 2% on UK sales, the chancellor announced according to the Independent.
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