This week, the Government announced £1.5 billion of funding through its Plan for Neighbourhoods. The funding is non-competitive and will see 75 areas across the UK receive up to £20 million over the next ten years for regeneration projects.
The Ministry of Housing, Communities and Local Government (MHCLG) hopes the plans will help local areas 'take back control' of their plans for regeneration whilst also encouraging and facilitating private investment. The Government will oversee the creation of 'Neighbourhood Boards', who will develop a 'Regeneration Plan' alongside their local authority.
The scope of how funds can be used has been expanded compared to previous funding under the last Government. There are several areas where funds can be spent which are relevant to retail. These include:
- Crime: Neighbourhood Boards will be able to work with their local police force to allocate funds to tackle crime on high streets and in town centres, for instance through town wardens, hotspot policing, CCTV or signage - as well as deterrence and prevention initiatives for young people. New initiatives could collaborate with businesses to improve reporting and prevention of retail crime.
- Improved and coordinated town centre management with partnership between councils, police and businesses.
- Regeneration of high streets and town centres.
- Support for local businesses to make energy efficiency upgrades to their properties.
- Rolling out schemes providing one-off business rates relief for businesses who become Living Wage Accredited – these schemes are already up and running in some parts of the country.
- Skills: interventions to address skills gaps through providing equipment or facilities for specific training programmes provided by a local employer.
- Visitor economy: funds can be provided to promote, develop or upkeep tourist attractions or visitor experiences, all of which are important drivers of footfall for high street businesses.
Neighbourhood Boards have until the end of the year to submit their Regeneration Plan to MHCLG, with the first funds expected to be dispersed from April 2026.
