Spring Budget lacks meaningful measures

The government is committed to building more homes and supporting first time buyers, according to chancellor Jeremy Hunt, but his Spring Budget contained little meaningful new measures to support housebuilding.

In his Budget announcement, delivered today (March 6), Hunt stated that the government was “on track” to deliver 1 million homes in this parliament and was “building more homes” for young people.

He announced investment in housing projects in certain areas, including £124 million at Barking Riverside to unlock 7,200 homes. The government will also invest £118 million to speed up the delivery of the Canary Wharf scheme, set to feature up to 750 homes.

The chancellor announced the “next steps” of its Cambridge plans – a long term funding settlement for Cambridge’s future development corporation, including £10 million in the coming year to help build new homes alongside increasing the amount of lab space.

The Spring Budget document also referenced the government’s “ambitious vision” to unlock 20,000 homes in Leeds.

In his speech, the chancellor announced a £20 million community-led housing initiative. According to HM Treasury’s Budget document, this will yield up to 3,000 new homes.

Reports had suggested that the chancellor would introduce …