£1bn boost for social housing in England announced
Mayors and local leaders to receive new funding and borrowing powers to invest in communities.
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The upcoming Budget will include over £1 billion for social and affordable housing in England, increasing the government's 10-year homes programme funding to more than £40 billion. This initiative is part of wider plans to grant mayors and regional leaders greater powers and funding.
Increased Devolution and Funding
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Mayors and local leaders across England are set to receive an initial £285 million in transitional seed funding next year. This allocation is intended to reduce reliance on fragmented bidding processes and provide support for mayors and local leaders. The Treasury stated this funding will help areas unlock projects contributing to local growth.
Furthermore, the government will confirm its intention to collaborate with mayors on designing a new £1.5 billion borrowing facility, scheduled to commence in 2028. This facility will enable mayors to access capital for local priorities such as new homes, high street revitalisation, or transport improvements.
Chancellor John Healey stated that English cities and regions will gain the "right to decide their own future." Prime Minister Andy Burnham commented that the plans focus on shifting power to those "who know their communities best."
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Mayors and local leaders know what their communities need to grow, which is why we are giving them more money, more power and more capacity to get projects moving, build homes and make the right decisions for their areas.
John Healey, Chancellor
Claire Ward, chairwoman of the UK Mayors Network and East Midlands mayor, indicated that enhanced devolution through the right powers and resources would help transform ambitious plans into reality. Lord Sadiq Khan, Labour's mayor of London, suggested increased investment capacity could help unlock significant infrastructure projects, including the West London Orbital route and extensions for the Bakerloo line and Docklands Light Railway.
Defence Spending Debate
The Budget preparations have also been marked by discussions on defence spending. Shadow chancellor Andrew Griffith has called for Chancellor Healey to resign if plans for spending 3% of the UK's GDP on defence by 2030 are not detailed. Mr Griffith stated that the UK is living in an era of extraordinary threats and that the chancellor is hesitating to fund national defence.
In response, Defence Secretary Wes Streeting attributed the lack of military investment to the previous Conservative government's tenure. He affirmed that the current prime minister is determined to provide the armed forces with the necessary investment for national security.
Separately, Alex Depledge, the Treasury's entrepreneurship adviser, announced her resignation, effective the day after the Budget. She informed the Sunday Times that start-ups are being treated as a "sideshow" and are being pushed to the margins of economic policy.
Questions this report answers
+How much funding will be provided for social and affordable housing?
More than £1 billion will be allocated for social and affordable housing in England as part of the upcoming Budget. This funding contributes to the government's 10-year homes programme, which will now exceed £40 billion.
+What new funding will mayors and local leaders receive?
Mayors and local leaders will receive an initial £285 million in transitional seed funding next year. Additionally, a new £1.5 billion borrowing facility is planned from 2028 to support local priorities.
+What can the new borrowing facility be used for?
The £1.5 billion borrowing facility, planned from 2028, can be used by mayors and local leaders to fund local priorities. These include building new homes, revitalising high streets, and improving transport links.
+What is the debate surrounding defence spending?
The shadow chancellor has called for the current chancellor to resign if plans to spend 3% of GDP on defence by 2030 are not detailed in the Budget. The Defence Secretary stated the previous government was responsible for underinvestment in the military.
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