The funding, announced by the Ministry of Housing, Communities and Local Government as part of its Pride in Place strategy, includes a £301 million commitment to High Streets Innovation Partnerships designed to help communities reimagine and regenerate struggling town centres - potentially transforming them into mixed-use spaces with new homes, health services and community hubs.

A further £18 million has been earmarked to provide or upgrade playgrounds in 66 of the most deprived communities across the country.

Andrew Goodacre CEO of Bira, said: "We are pleased to see more funds being made available for high street revitalisation. We hope that the High Streets Innovation Partnerships are given the resources and the local leadership needed to truly bring high streets back to life.

It will be important for this new initiative to engage meaningfully with the businesses on those high streets - they are the ones who understand what their communities need.

“Whilst we will always welcome extra investment in our high streets, the harsh reality is that for many high street businesses, the costs of running a shop are crippling any chance of long-term success.

“If high streets are to be fully revitalised, we need to see wholesale reform of business rates and decisive action to reduce the unfair competition from overseas imports. Imposing a handling fee on low-value imports could help level the playing field - and the revenue raised could be used to reform business rates once and for all."

The Pride in Place strategy also includes plans for communities in its first phase to receive £20 million over 10 years to spend on local priorities, alongside five pilot projects testing a new model of pooled public spending - bringing together councils, the NHS and schools to tackle shared challenges rather than operating in silos.

If successful, the government intends to roll this model out nationwide.