Budget: Chancellor sees infrastructure role in solving housing crisis

Lee Baker
22 November 2017
 

The Chancellor unveiled extra money for transport infrastructure that is focused on getting new homes built, but fell short of the £50bn that the communities secretary Sajid Javid had reportedly said was necessary.

The Budget included a £2.7bn increase for the Housing Infrastructure Fund that takes total investment in the competitive fund for local authorities to £5bn and a further £630m to accelerate the building of homes on small, stalled sites by funding on-site infrastructure and land remediation. The measures are designed to help a Government bid to increase home building to 300,000 per year by the end of the Parliament, from 217,000 last year.

He also announced a new Strategic Infrastructure Tariff for Combined Authorities and planning joint committees so that other conurbations can pool funding from across a conurbation towards large infrastructure projects, as London has with Crossrail. And in a similar vein there will be a consultation to remove restrictions on the pooling of Section 106 monies from developers for a single piece of infrastructure where "significant development is planned on several large strategic sites".

However, Philip Hammond appeared to acknowledge that further measures would be needed to support additional house-building by "closing the significant gap between housing completions and the amount of land allocated or permissioned" by ordering a review to be chaired by Sir Oliver Letwin, to report in the Spring.

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