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<p>The framework of the High Street Rental Auction policy is set out in the Levelling
Up and Regeneration Act 2023, which is now law, however many aspects need to be defined
by secondary legislation before local authorities can begin to use the power. The
Government is working to introduce the associated statutory instruments.</p><p>We
recognise the resource constraints faced by local authorities and have considered
how the burden on local authorities can be reduced. We are providing up to £2 million
of financial support to make sure that areas which need this the most are not priced
out by prohibitive refurbishment costs to bring the properties up to standard. We
will also publish guidance for local authorities and relevant stakeholders to support
them in implementing High Street Rental Auctions.</p>
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