In September, the Ministry of Housing, Communities and Local Government (MHCLG) announced a new campaign to encourage investment in neglected high streets.

The ‘Pride in Place’ programme will give local authorities new powers to seize boarded up shops and revitalise them, with “record funding” announced at the time.

Development Finance Today asked the government at that time for clarity around this figure but did not receive a response.

•   The Finance Professional Show 2024: The Video
•   Govt will 'massively undershoot' targets, warns former housing minister
•   Industry-wide plan agreed to accelerate cladding remediation work

The MHCLG has since clarified this figure to be up to £5bn to target nearly 250 locations around the UK. Each area will receive up to £20m and support over the next decade.

According to the MHCLG, each of the 250 areas receiving money will form a ‘Neighbourhood Board’. These boards bring together residents, local businesses, grassroots campaigners, workplace representatives, faith leaders, and community organisations.

Involving their communities, these boards will be tasked with generating a vision for the future of their area and set out a pathway to deliver that over the course of the 10-year programme (and beyond).