A £5 Billion Boost for “Overlooked” Places

The government’s recent announcement of a £5 billion “Pride in Place” fund marks a shift towards empowering local communities and businesses to drive their own regeneration. Targeted at 339 “overlooked” communities, this new programme focuses on giving local areas greater control and resources to address their specific challenges. This can involve a variety of measures, from revamping high streets and restoring public spaces to creating new community hubs. The emphasis is on decisions being made by the people who live and work in the area, ensuring that investments reflect local priorities and needs.

Unlike the levelling-up funds where councils fought for a slice of the pie through complex bidding processes, this investment is based on need, using metrics like the Index of Multiple Deprivation. The core of the “Pride in Place” programme is the regeneration of high streets, parks, and public spaces. But the impact goes far beyond that, for any business that relies on footfall – from cafes and boutiques to local services – investments in tackling litter, improving public transport links, and revitalising parks will directly translate into a more appealing environment for customers.

Beyond the cash injections (£2 million a year for a decade for 169 areas, and a one-off £1.5 million for 95 others), the programme introduces new powers for councils and communities. Councils will be encouraged to acquire “assets and eyesores” such as derelict shops and empty office blocks. For start-ups and small businesses struggling to find affordable premises, this could be a game-changer.

The extension of the “right to buy” for local community groups – doubling the time to raise funds to 12 months – makes it more feasible to save cherished local assets like pubs and village shops from closure. Giving local business coalitions and community groups a chance to take control of their high streets and ensure their character is preserved. In essence, the “Pride in Place” fund shifts the focus from competitive grant applications to collaborative community action.