When he announced the new fund on Friday, Prime Minister Andy Burnham said too many high streets had been “left to hollow out” and the money would “help put power back into the hands of locals who know their area best”.
Other government initiatives designed to help high streets include a 20% cut to business rates for pubs, social clubs and live music venues from next year.
Councils and communities have also been promised greater powers to control the spread of vape shops, betting shops and adult gaming centres, along with what the government calls “rogue businesses” with links to crime.
But Sir Andrew Street, the former John Lewis boss who spent seven years as Conservative mayor of the West Midlands, says grant funding into high streets has been “small scale” at a time when businesses have been hit with “incredible” tax rises.
Street, who now co-chairs the pro-business group Prosper UK, adds: “Business rates penalise the high street terribly. There needs to be a radical overhaul, ending them potentially for high street retailers.
“Big increases in taxes on employment also need to be reversed.”
Whether any of these measures will spark a new golden age for Gainsborough remains to be seen.
Politics North is on BBC One Yorkshire and Lincolnshire at 10:00 BST on Sunday and on iPlayer.
Listen to highlights from Lincolnshire on BBC Sounds, watch the latest episode of Look North.
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