The mayor of London has announced that City Hall will invest £600,000 into the capital’s high streets as part of a strategy to stimulate economic growth.

Under the High Street Place Labs (HSPL) initiative, twelve town centers will each be allocated £50,000, a move that Sir Sadiq Khan believes will promote “inclusive economic growth” and align with the objectives of the London Growth Plan.

He expressed his eagerness to collaborate with local boroughs to implement these vital enhancements in communities throughout the capital, emphasizing the goal of creating a fairer and more prosperous London for everyone.

The initiative also aims to increase productivity, with aspirations of contributing over £100 billion to London’s economy.

Sir Sadiq affirmed his commitment to “safeguard, revitalize, and enhance the high streets of London,” adding that this funding will “foster economic development in every area of our city.”

This £600,000 investment comes from the Mayor of London and the Shared Prosperity Fund provided by the UK government.

The towns benefiting from this funding, along with their respective boroughs, include:

The financial support will assist local councils in establishing affordable workspaces, repurposing vacant shops and buildings, and ensuring that high streets are more accessible for children and individuals with mobility challenges.

Another goal of the project is to enhance the evening and night-time economy.