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Budget 2016: Housing and infrastructure measures announced

Words: Laura Edgar

Chancellor George Osborne has confirmed the government’s support for HS3 and Crossrail 2 in the 2016 Budget.

He said today (16 March) that in the 2016 Budget “we choose to put stability first”, and that housing and infrastructure are key to that.

The 2016 Budget at a glance:

  • A high-speed rail line between Leeds and Manchester (HS3): Osborne announced £60 million to develop plans to cut journey times to around 30 minutes between the two cities. Additionally, the budget features measures to improve the transport connections between other cities in the North.

  • £80 million for Crossrail 2: The chancellor pledged his support to Crossrail 2 for London, with the proposed route connecting the south-west of the capital to its north-east. Support was also announced to increase the Tube’s capacity and reduce the pressure on Victoria and Waterloo stations.

  • Increased funding to protect homes and businesses from flooding: Osborne said this would be paid for by a 0.5 per cent increase on the insurance premium tax.

  • Launch of the Starter Homes Land Fund prospectus. Local authorities are invited to access £1.2 billion of funding to remediate brownfield land to be used for housing. This aims to deliver at least 30,000 starter homes.

  • Delivery of 13,000 affordable homes two years early by bringing forward £250 million of capital spending to 2017-18 and 2018-19.

  • Measures to speed up and streamline planning system.

  • Elected mayors for Lincolnshire, and east and west of England.

An overview of the housing measures announced in the Budget 2016 can be found here. Reaction to the measures can be found here.

A round-up of the planning measures can be found here while reaction from industry professionals can be found here.

Details of the infrastructure measures can be found here. Reaction to the infrastructure measures announced can be found here.

An overview of devolution announcements can be found here. Devolution reaction can be found here.

More to follow…

Image credit | HM Treasury