Hackney will be spending the bulk of it on a new fashion retail hub, hoping to create up to 200 jobs whilst attracting visitors and investment to the borough.

The hub will be developed around Hackney’s existing Burberry store in Chatham Place. The store will be used as an anchor to attract other fashion and design retailers to the area.

The funding will also allow the Council to appoint a team of architects and retail specialists to work with local businesses in Mare Street, the Narroway and Clarence Road to produce design guidelines and business plans that will attract as many customers as possible. Businesses will then be able to bid for funding, through the Council, to carry out improvements to shop fronts in line with the guidelines.

No mention is made by the Council as to whether the buses that clog up the Narroway will be redirected, one of the biggest problems in increasing footfall.