The Chancellor’s budget promises spending unprecedented in well over two decades.
In addition to markedly increased funding for the NHS, £30bn to tackle COVID-19, and many other notable moves away from austerity, some measures will certainly affect the UK property market.
Here’s our summary of the highlights for businesses & property owners.
- £30bn fiscal stimulus package to counter coronavirus
- £1bn lending via a government-backed loan scheme
- Government backing 80% of losses on bank lending
- Business rates suspended for a year for firms with rateable value <£51k
- Affordable Homes Programme extended: - £12bn multi-year settlement
- Interest rates cut on lending to local authorities for social housing by 1%
- £1bn+ discounted local infrastructure loans for 70k new homes
- £1bn Grenfell safety fund to help remove tall residential buildings cladding
- £650m funding to help rough sleepers into accommodation
- £600bn to be spent on for roads, rail, broadband and housing by mid-2025
- Regional infrastructure investment
- £500m "hardship fund" for local authorities to help vulnerable people
- Social Housing interest rate cut
- New mayor for W Yorks & other mayors to share £4.2bn for transport investment
- Government restates aim to hire 50,000 nurses
- Government restates aim to build 40 new hospitals.
- Major government re location initiatives
- New Hub for Treasury means 750+ Treasury staff to relocate to north of England
- 22,000+ civil servant roles to ultimately move outside central London
- £800m+ for 2+ carbon capture clusters by 2030, in N England and Scotland
- 30,000 hectares of trees will be planted; 35,000 hectares of peatland restored
- Investment in flood defences to double
- £1.5bn made available for Further Education funding, including estate budgets
Eddisons, together with our parent company BTG Group, are well placed to help you understand the effects of these changes.
Whether you’re an occupier, investor or landowner, if you’d like to understand how you can benefit from these new announcement, please contact Javid Patel, Head of Public Sector.