BRITS will be able to apply for up to £1million to rescue their local pub or footie club from closure, Rishi Sunak announced today.
The Chancellor used his 2021 budget to unveil a whopping £150 million fund that will help neighbourhoods take over assets loved by the community.
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Under the plan, exclusively revealed by The Sun earlier this week, people who want to save a cherished community asset will be able to apply for up to £1 million from the Government.
The Chancellor hopes the jumbo fund will stop a generation of local boozers and sports grounds from closing for good in the Covid recession.
Delivering his budget address in the Commons today, he said: "We're creating a £150m fund to help communities across the UK take ownership of pubs, theatres, shops, or local sports clubs at risk of loss – putting more power in the hands of local people."
Culture Secretary Oliver Dowden added: "Want your community to take over your pub, theatre, or sports club?
"We’re making £150m available with a Community Ownership Fund in the Budget 2021 to help local people take over and save these important institutions and organisations."
Under the plan, communities that want to club together to bid for local assets will get government cash so they can seal the deal.
They can get up to £250,000 to buy struggling boozers, sports clubs, post offices, theatres and gig venues which are threatened with closure.
In exceptional circumstances, communities will get up to £1m to buy a sports club or ground.
The money is matched funding – so groups that raise money to buy a local asset can apply to the government to double their cash.
Treasury chiefs hope this Community Ownership Fund will help Covid-battered high streets bounce back after the pandemic.
Tens of thousands of pubs have been forced to shut up shop in the Covid lockdowns.
And there are fears thousands will never again reopen.
The four-year scheme will open for business this summer.
Downing Street says it will be crucial to its levelling up agenda by giving locals the power to protect and shape their areas
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