Spring Statement: Housing and Infrastructure

The Chancellor Phillip Hammond's short Spring Statement set out further steps the Government is taking to attempt to fix the 'broken' housing market.

With most House of Commons time consumed by the confusing Brexit debate, Hammond's brief stamement announced measures which include:

• A consultation on Infrastructure Finance, seeking views on how the government can best support private infrastructure investment in the context of the UK’s changing relationship with the European Investment Bank. A National Infrastructure Strategy will set out the government’s priorities for economic infrastructure and responding to recommendations in the National Infrastructure Commission’s National Infrastructure Assessment.

• £717 million from the £5.5 billion Housing Infrastructure Fund to unlock up to 37,000 homes at sites including Old Oak Common in London, the Oxford-Cambridge Arc and Cheshire.

• Through the Affordable Homes Guarantee Scheme, the government will guarantee up to £3 billion of borrowing by housing associations in England to support delivery of around 30,000 affordable homes

• Further progress on delivering growth in the Oxford-Cambridge Arc including £445 million from the Housing Infrastructure Fund to unlock over 22,000 homes, and a joint declaration with local partners, affirming our shared vision for the Arc

The Chancellor also confirmed that the government's Spending Review will conclude alongside the Budget. This will set 3 year budgets for resource spending.

Read Hammond's full speech to the House of Commons