Budget to fund social housing and give English mayors more powers
The UK government has announced that Wednesday's Budget will include over £1 billion in additional funding for social and affordable housing, bringing the total for the 10-year programme to more than £40 billion. Councils will be able to borrow from central government at preferential interest rates. English mayors will receive an initial £285 million next year, a new £1.5 billion borrowing facility from 2028, and £150 million for capacity building, shifting away from Whitehall-managed bidding pots. Chancellor John Healey said the plan would harness 'untapped and wasted' potential in cities and regions. Prime Minister Andy Burnham said it would end local leaders going 'cap in hand' to Westminster. The Treasury said areas without strategic authority status could access a share of the money during a transitional period. The announcement follows the resignation of Treasury entrepreneurship adviser Alex Depledge, who criticised start-up treatment.
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