Posts tagged Osborne
The Budget sets out further action to build a stronger economy, with help for UK businesses to create jobs and kick-start major construction projects across England.
Chancellor Osborne said in Parliament today that the government was “already supporting the largest investment in railways since Victorian times and spending more on new roads than in a generation.”
The Government would now boost spending by £3 billion from 2015-16 with the money saved from departmental budgets, amounting to a total of £15 billion of extra capital spending in the next 10 years
The Chancellor has also announced a new Help to Buy scheme involving equity loans on new build houses and £130 billion mortgage guarantee programme that will help people to buy their new homes.
Chancellor George Osborne said that by investing in the arteries of the country’s infrastructure, the Government will get growth “flowing to every part of the country”.
The latest stimulus of financial support to tackle long-term shortage in the housing market will see the building of new homes and boost employment in the construction industry.
Mr Osborne said: “We’ve switched billions of pounds from current to capital spending since the spending review. But on existing plans, capital spending is still due to fall back in 2015-16. I don’t think that’s sensible.
“So by using our extra savings from government departments, we will boost our infrastructure plans by £3 billion a year from 2015-16.
“That’s £15 billion of extra capital spending over the next decade. Because by investing in the economic arteries of this country, we will get growth flowing to every part of it.
“And public investment will now be higher on average as a percentage of our national income under our plans than it was in the whole period of the last Government.
“In June, we will set out long term spending plans for that long term capital budget.
“And we will use the expertise of Paul Deighton, the man who delivered the Olympics and who now serves in the Treasury, to improve the capacity of Whitehall to deliver big projects and make greater use of independent advice.”
The British Property Federation has welcomed the Government’s funding increase to kick start the housing market and help a number of build-to-rent schemes.
Director of policy at the British Property Federation, Ian Fletcher, said: “It’s encouraging the Government’s confidence in build to rent has been reciprocated and we are delighted to see that the equity funding was heavily oversubscribed.
“Working in partnership with government the sector should deliver an exciting and quality array of homes for renters.”
What is your reaction to Budget 2013 announced by Chancellor Osborne to boost infrastructure spending and build new homes? Share your thoughts by commenting here or raise your voice on our Facebook and Twitter pages.
The Government is planning to re-write planning rules to boost “nationally significant” infrastructure projects and build new homes, Chancellor George Osborne unveiled yesterday.
The Chancellor said that developers would be allowed to build on the Green Belt around towns and cities if an equivalent area of land is safeguarded elsewhere.
Mr Osborne said: “I think we can speed up planning. It is absolutely ludicrous that it takes years to get planning decisions in this country. The country, in the current economic environment, cannot afford to wait years for development.”
A £10 billion Treasury package will guarantee the debt of housing associations and private developers in bid to create jobs and revive housing market.
The Chancellor said that the Government will do more in order to make it easier for local authorities to grant planning permission for developers in the future.
Mr Osborne announced a Small Business Bank to bring together what he called an “alphabet soup” of Government schemes to help small firms and encourage economic growth.
Chancellor of Exchequer, George Osborne, has revealed positive growth figures for the British economy up to 2016, unemployment to fall and the inflation rate to decrease, giving hope to millions of people out of work and boosting businesses across Britain.
The Chancellor said that the Office for Budget Responsibility has revised its forecast figures for growth with an increase of 2% for the next year. Budget 2012 has been described by the Chancellor as a budget rewarding work and encouraging economic growth.
Mr Osborne said that the government will provide funding to upgrade railway lines in the north of England and deal with the lack of airport capacity in the South-East which will create new jobs in the building construction sector.
The Chancellor said: “We want to look at the opportunities for increasing the role of private investment in the road network, learning lessons from the water industry.”
Significant news for the building sector, revealed today in Budget 2012, was the government’s commitment to provide an extra £100 million to improve accommodation for armed forces personnel’s families.
Ten Major UK cities are to receive £100 million to fund 100Mbps superfast broadband in areas where private sector would not normally reach. Those are Belfast, Birmingham, Bradford, Bristol, Cardiff, Edinburgh, Leeds, Manchester, Newcastle and London.
Talking about the renewable energy sector, Chancellor Osborne said that the government will continue with its commitment to support green energy initiatives in the future. However, Mr Osborne said the government will make sure it ensures the fiscal effectiveness of the renewable energy.
Chancellor Osborne said: “I also want to see investment in our world-leading energy sector including renewables,” saying that “renewable energy will play a crucial part in Britain’s energy mix but I will always be alert to the costs we’re asking families, business to bear.”
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