Chancellor Gordon Brown has unveiled £43 billion of measures in his comprehensive spending review and revealed that he intends to recoup £4 billion of assets and property each year for the next three years. The measures include plans to: bring 500,000 homes up to a 'decent standard' by 2004; reclaim 17 per cent of brownfield land by 2010; spend £12 billion on schools, colleges and universities; and more than £100 million for sport.
Brown also revealed a new neighbourhood renewal fund which will be worth £400 million a year by 2004. He also reiterated the government's goal of building 60 per cent of new housing on brownfield land 'to help implement the Rogers report', and said that this would create 'thousands of new construction jobs'. A 10-year, £120 billion transport plan thought to include CrossRail, with new stations from Paddington to Liverpool Street, is due to be announced today.
Investment in transport will more than double in real terms by 200304 to more than £6 billion a year.