Autumn Statement and Spending Review today.
George Osborne will later today in the combined Autumn Statement and Spending Review set out government spending plans for the next five years, this will include the government’s taxation and deficit reduction plans but should also include new money for house building.
The chancellor is expected to pledge almost £7bn to make house building a priority, with more than 400,000 “affordable homes” to be built in England, cuts however are expected to welfare spending.
The Treasury said the chancellor would unveil “the biggest affordable house building programme since the 1970s”, to include:
£2.3bn paid directly to developers to build so-called “starter homes”, aimed at first-time buyers, who will get a 20% discount on prices up to £450,000 in London and £250,000 elsewhere
£4bn to help build 135,000 “Help to Buy: Shared Ownership” homes for households earning less than £80,000 (or £90,000 in London)
£200m for 10,000 new homes that tenants can live in for five years at reduced rents while they save for a deposit. They will then have “first right” to buy the home
£400m to help build 8,000 specialist homes for older people or those with disabilities
Live coverage of the Autumn Statement and Spending Review will begin on Radio and TV from 11.55am today.