CHANCELLOR Rishi Sunak is expected to announce a £150million fund that allows communities to save their pubs as part of the new Budget tomorrow.

The multi-million-pound fund will offer communities the chance to save their local boozers with a £250,000 government-approved bail out. 

The new Community Ownership Fund will be announced in the Budget tomorrow  and allows people to bid for £250,000 in a cash-match scheme to save their favourite pub or sports club.

In 'exceptional circumstances' applicants will be able to bid for up to £1million. 

The Chancellor Rishi Sunak said:

“Pubs and sports clubs are the heart and soul of our local towns and villages – they’re the glue that keeps us together.

“This fund will help to ensure vital local institutions aren’t lost to those who treasure them most.”

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The fund, due to open for applications in the summer, is designed to help community groups to take over struggling pubs or other community assets in their area in order to keep them going.

Under the plan communities that want to club together to bid for local assets will get up to £250,000 to buy struggling  pubs, sports clubs, post offices, theatres and gig venues which are threatened with closure.

The scheme is cash-match based so community groups will have the opportunity to double their money if they are able to raise the funds to help keep their pubs and sports clubs open.

Ahead of Wednesday’s Budget:

– It was revealed nearly £410 million will support the badly-hit culture sector.

– A £300 million summer sports recovery package will help cricket, tennis and horse racing.

– A £150 million fund will help local communities save struggling pubs, sports clubs, theatres and Post Offices.

– A  £520 million initiative will be announced to support small UK businesses with training and software.

– Some £2.8 million will help fund a joint UK and Ireland bid to host the 2030 football World Cup.

Let us know if there's a community hub that you think could benefit from the scheme in the comments below.