Budget 2020: Key Measures Announced for Social Housing and Development
Published: 11/03/2020The key housing-related measures announced today:
- A new Affordable Homes Programme of £12bn
- A £1bn Building Safety Fund to remove unsafe cladding from buildings
- £650m of funding to help rough sleepers into permanent accommodation
- £400m for ambitious regional mayors to build homes on brownfield sites
- Promise to announce measures to change the planning system tomorrow
- A 1% cut on the Public Works Loan Board interest rate, used by local authorities to fund housebuilding
- A temporary removal of the minimum income floor (which calculates assumed earnings for self-employed people) in Universal Credit as part of the government’s response to coronavirus
- £200m for communities in areas that repeatedly experience flooding
As he unveiled measures to ‘get Britain building’ over the next five years, Sunak (pictured) claimed it would be the ‘largest investment in affordable housing for a decade’. He added that 70,000 homes would be built in areas of high demand.
Measures were also unveiled to combat the issue of homelessness; £650m is to be allocated to help rough sleepers, housing 6,000.
Interest rates for loans from the Public Works Loan Board, which are used by councils for housebuilding, will be cut by 1%, making £1bn available.
In total, Sunak announced a £600bn boost for the country’s infrastructure, which he declared as the highest investment since 1955.