<p>The government will make more than £5 billion available to remove unsafe cladding from the highest risk buildings, partly funded by the Residential Property Developer Tax which will be levied at a rate of 4% on profits <span>over £25 million</span>, chancellor Rishi Sunak said today (September 27).</p> <p>Sunak made the announcement as part of the Budget, with the developer tax applying to large developers with profits of more than £25 million. The tax, as said in previous announcements, aims to raise at least £2 billion to help towards the cost of cladding remediation work.</p> <p>The government said that £3 billion of the total would be over the 2021 Spending Review period.</p> <p>This commitment forms part of a near £24 billion ”multi-year housing settlement” up to 2025-26 – “to turn Generation Rent into Generation Buy” - which also includes a £1.8 billion brownfield fund and the previously announced £11.5 billion for up to 180,000 affordable homes through the Affordable Homes Programme.</p> <p>Sunak called the latter “the largest cash investment in a decade”. </p> <p>The “housing settlement” also comprises £65 million to improve the planning system through digitisation, “which will ensure more certainty and better outcomes for the environment, growth and quality …