Regeneration, investment zones, levelling up, nutrient neutrality funding and making it easier to bring in workers from abroad
Jeremy Hunt has unveiled his first full budget as chancellor, with a focus on levelling up, investment and getting more people into work.
Here is a brief summary of the key measures for the housing sector.
- £960m to support 12 investment zones around research hubs. £80m will be allocated over five years. The zones will benefit from tax incentives and bids will be expected to have an “ambitious” offer to accelerate planning
- £200m for 16 ‘high-quality’ regeneration projects
- £161m for high-value capital regeneration projects in city regions across England, including business premises and food science facilities in Tees Valley, and unlocking investment in a research campus in the Liverpool City Region
- Open a call for evidence for locally-led nutrient neutrality credit schemes. Government will fund “clearer routes for housing developers to deliver ‘nutrient neutral’ sites
- £400m for place-based regeneration through levelling up partnerships
- Up to £20bn in funding for the early development of carbon capture and storage
- Five construction occupations will be added to the ‘occupation shortage list’ to make it easier for firms to attract labour from abroad
- ‘Trailblazer’ devolution deals agreed with Greater Manchester and West Midlands Combined Authorities which will give them greater control over several areas including affordable housing grant funding
- Raft of measures aimed at increasing labour supply
- Measures to help long term sick and disabled into work, including scaled-up musculoskeletal interventions and mental health services and an overhaul of health and disability benefits.
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