BRITS will get up to £1million to rescue their local pub or footie club from closure, Rishi Sunak will announce on Wednesday.
The Chancellor will use the Budget to pledge a whopping £150 million to help neighbourhoods take over assets loved by the community.
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He hopes the jumbo fund will stop a generation of local boozers and sports grounds from closing for good in the Covid recession.
He said: “Pubs and sports clubs are the heart and soul of our local towns and villages – they’re the glue that keeps us together.
“This fund will help to ensure vital local institutions aren’t lost to those who treasure them most.”
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
