UK High Street rescue plan revealed

A multi-million pound plan to help the struggling UK High Street was unveiled in today’s Budget.

Philip Hammond has pledged £675m to create a “Future High Streets Fund” to support councils to draw up plans for the transformation of their High Streets.

Hammond says this will allow them to invest in the improvements they need and to facilitate redevelopment of under-used retail and commercial areas into residential.

Major retailers including House of Fraser, Debenhams, Maplin, Poundworld and Toys R Us have this year been hit by falling consumer confidence, rising overheads, the weaker pound and the growth of online shopping.

Hammond said the High Street is “under pressure as never before” and that the changes its faces are “irreversible”.

The Chancellor also promised to help small shops by cutting business rates by a third for all retailers in England with a rateable value of £51,000 or less.

That will mean an annual saving of “up to £8,000 for up to 90% of all independent shops, pubs, restaurants and cafes”.