According to the chancellor, today’s Budget increases total departmental spending over the parliament by £150bn.
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The key points of the Budget impacting the property and specialist finance markets included:
- £11.5bn allocated to help build up to 180,000 new affordable homes, with 65% of funding for homes outside London
- £1.8bn fund to support the delivery of housing on brownfield sites across the UK
- £5bn committed to remove unsafe cladding from high-risk buildings, funded by a 4% rate Residential Property Developer Tax on developers who have an annual profit of £25m or more
- £3.9bn to decarbonise buildings, including £1.8bn to support tens of thousands of low-income households to make the transition to net zero while reducing their energy bills
- over £1.6bn for the British Business Bank’s (BBB) regional funds to provide debt and equity finance to SMEs
- the extension of the Recovery Loan Scheme until 30th June 2022
- an additional £65m investment to improve the planning regime, through a new digital system to ensure more certainty and better outcomes for the environment, growth and quality of design