A Shepton Mallet organisation has given the thumbs up to plans announced in the Budget today (March 3) that will release £150 million to enable community groups to buy and run neglected local assets.

Under the plans announced in Chancellor Rishi Sunak's Budget, a new Community Ownership Fund will be created, with an initial £150 million budget.

While that figure is national and will undoubtedly be spread across the country, it does open the door for some schemes and, as pledged in the Conservatives' 2019 manifesto, could become a cornerstone of local community management.

Shepton Mallet's Make the Sunshine Community Interest Company (CIC) has welcomed the announcement, saying how important it is that vacant buildings are brought back to life, post-Covid.

Louise Lappin-Cook, from Make the Sunshine, told Shepton Mallet Nub News: "The announcement of the community ownership fund is very welcome indeed.

"Hopefully this will offer increased opportunities for local communities to play a more active role in working together to transform high streets, re-purpose vacant premises and create local buildings that are genuinely community owned and motivated - something that feels especially important post-Covid-19.

"It would be wonderful to think that some of Shepton Mallet's beautiful vacant and under-used buildings could be put to community purpose and safeguarded for future generations."

Sources close to the government say: "The Community Ownership Fund will enable the physical regeneration of unused buildings and retraining services within communities, with revenue funding [provided].

"You need a business model to sustain a building, to check the feasibility of it and then to keep investing in an underlying business. Everything will be angled on locally levelling up."