Housing boost: Sunak unveils £11.5bn cash injection to build 180,000 affordable homes

Budget 2021: Sunak outlines plans for 'affordable' new homes

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Chancellor Rishi Sunak announced a “multi-year housing settlement totalling nearly £24billion” in today’s Budget. The plans included an investment of £11.5billion to build up to 180,000 new affordable homes – the largest cash investment in a decade that’s 20 percent larger than the previous programme. The Government will also be investing an extra £1.8billion which is enough to bring 1,500 hectares of brownfield land into use.

Mr Sunak said this will “meet our commitment to invest 10 billion pounds in new housing and unlock a million new homes.”

He continued: “We’re also confirming £5billion to remove unsafe cladding from the highest risk buildings, partly funded by the residential property developers’ tax which I can confirm will be levied on developers with profits over £25million at a rate of four percent.”

The Chancellor also stated the Government has reduced rough sleeping by over a third .

He said: “But we will go further with £640million a year for rough sleeping and homelessness.

“An 85 percent increase in funding compared to 2019.”

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