Philip Hammond on his way to the Commons
The Chancellor has pledged more money, loans and policy changes to help deliver 300,000 new homes per year in the UK by the mid-2020s.
In his Autumn Budget statement on 22 November, Philip Hammond announced a £44bn housing package, including £15.3bn of new money. He also promised planning reforms, to ensure more land is available for housing and that better use is made of underused land in cities and towns. In addition, £204m of funding will be allocated to innovation and skills in the construction sector, including training for building new homes.
Offsite construction also received a boost, with the Chancellor stating modern methods of construction would be favoured for public infrastructure schemes from 2019.
Alongside the Budget, the government released its plans to develop the Cambridge-Milton Keynes-Oxford corridor, to create a UK Silicon Valley based on hi-tech industries. It could result in up to one million new homes being built by 2050.
Current infrastructure commitments for the project include an East-West Expressway of roads between Oxford and Cambridge, while Network Rail has funding to deliver the East-West Rail from Bicester to Bedford and Milton Keynes to Princes Risborough. New stations are also under consideration at Cambridge South and Cowley.