Chancellor of the exchequer Philip Hammond has discussed the state of the UK economy and government plans in today’s Spring Statement (13th March).
Mr Hammond provided an update on the overall health of the economy and the Office for Budget Responsibility’s (OBR) forecasts.
The key points in the Spring Statement with regard to property included:
• £717m from the £5.5bn housing infrastructure fund to unlock up to 37,000 homes at sites including Old Oak Common in London, the Oxford-Cambridge arc and Cheshire
• the publication of a consultation on infrastructure finance, seeking views on how the government can best support private infrastructure investment
• reiterating the government’s commitment to publishing a comprehensive national infrastructure strategy
• the delivery of around 30,000 affordable homes via the government’s Affordable Homes Guarantee scheme
• the commitment of up to £260m for the Borderlands Growth Deal which, on top of the £102m announced recently for Carlisle from the housing infrastructure fund, means up to £362m of UK government funding into the Borderlands area
• the introduction of a Future Homes Standard by 2025, so that new-build homes are future-proofed with low-carbon heating and world-leading levels of energy efficiency
• confirmation that the government will hold a spending review which will conclude alongside the Budget.
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