A Wells organisation has given the thumbs up to plans expected to be announced in the Budget tomorrow (March 3) that would release £150 million to enable community groups to buy and run neglected local assets.

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

While that figure is national and would 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.

Project Factory Community Interest Company (CIC) has welcomed any sort of Community Ownership Fund, saying that it is essential that provision for community activities is strengthened.

Kirstie Harris, one of Project Factory's directors, told Wells Nub News: "Project Factory CIC, of course, welcomes a fund to support community ownership of significant buildings and we recognise the valuable role community buildings can provide.

"Strengthening the provision for community activities is essential to creating social cohesion and resilience.

"We look forward to hearing the specifics of how and when the fund will be implemented, and what this could mean for Wells.

"We are working with the Portway Annexe Community Group, a group of individuals and organisations working mostly within the third sector and community networks.

"We are always open to helping develop social and enterprise opportunities and supporting ideas from members of the community, particularly after such a long period of uncertainty and hardship.

"We hope that this fund will inspire a progressive and innovative partnership between the community and Wells City Council, especially in relation to the Portway Annexe."

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."