From affordable housing to stamp duty, here are the Labour Budget announcements set to impact London renters and homebuyers.
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NewsTranscript
00:00We committed, in our manifesto, to build 1.5 million homes over the course of this Parliament.
00:07My right hon. Friend the Deputy Prime Minister is driving that work forward across Government.
00:13Today I am providing over £5 billion of Government investment to deliver our plans on housing
00:20next year. We will increase the affordable homes programme to £3.1 billion, delivering
00:28thousands of new homes. We will provide £3 billion-worth of support in guarantees to
00:35boost the supply of homes and support our small housebuilders. And we will provide investment
00:43to renovate sites across our country, including at Liverpool Central Docks, where we will
00:48deliver 2,000 new homes, and funding to help Cambridge realise its full growth potential.
00:57Alongside this investment, we will put the right policies in place to increase the supply
01:02of affordable housing. Having heard representations from local authorities, social housing providers
01:12and from Shelter, I can today confirm that the Government will reduce right-to-buy discounts
01:18and local authorities will be able to retain the full receipts from any sale of social
01:24housing, so that we can reinvest them back into the housing stock and into new supply.
01:32By doing this, we will give more people a safe, secure and affordable place to live.
01:41We will provide stability to social housing providers, with a social housing rent settlement
01:46of CPI plus 1% for the next five years. And we will deliver on our manifesto commitment
01:53to hire hundreds of new planning officers to get Britain building again.
02:00We will also make progress on our commitment to accelerate the remediation of homes following
02:06the findings of the Grenfell inquiry, with £1 billion of investment to remove dangerous
02:14cladding next year.