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Autumn Statement 2016: at a glance

Philip hammond flickr fco
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The AJ’s guide to the key points for architects in today’s Autumn Statement

New funding for housing

A new £1.4 billion cash pot will be set up to build 40,000 new affordable homes. London will get £3.14 billion of ‘devolution’ funding to build 90,000 affordable homes.

The government will unlock land for house-building. £2.3 billion housing infrastructure fund will build 100,000 new homes in high-demand areas. Pilot right-to-buy scheme will be unveiled for housing association tenants.

Housing white paper will shortly be published by housing minister Gavin Barwell.

 

Improving transport networks

£1.1 billion to be invested in English local networks.

Renewed regional focus

Hammond wants investment focus to move from London;  the government will publish a strategy to address this.

A £1.8 billion local growth fund for English regions; over £500 million each to a number of regions.

Economy to grow more slowly

Predictions for economic growth following the Brexit vote have been pared back. The Office for Budget Responsibility now forecasts UK GDP to grow by 1.4 per cent next year, down from its prediction of 2.2 per cent made in March this year.

A forecasted surplus of £10 billion in 2019/20 revised to a £30 billion deficit – a £40 billion swing into the red.

Minimum wage to rise

The National Living Wage will increase from £7.20 to £7.50 in April next year – effectively a pay rise worth over £500 a year to a full-time worker.

National Living Wage replaces the minimum wage for workers aged over 25.

Cost of national insurance for businesses employing staff will rise by £7.18 per employee per year.

Boosts for productivity and research and design

The introduction of a new national productivity investment fund worth £23 billion, focusing on innovation and infrastructure.

Investment in research and design to rise by £2 billion a year by 2020.

Spring budget to disappear

The tax-setting budget will be moved to the autumn; only a light-touch statement on the nation’s finances will be made in spring

 

 

 

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