£2bn to build new homes and transform abandoned land.
The chancellor will soon announce this economic package, which will allow the construction of new homes.
Hundreds of thousands of new homes will be built on abandoned and unused land through a £1.8 billion investment package to regenerate land and level the country, the Chancellor is expected to announce in today’s Budget and Spending Review.
The significant injection of new funds could transform abandoned land equivalent to 2,000 football fields in English cities and provide infrastructure including transport links, schools and new community spaces, regenerating local areas and supporting 50,000 jobs, while transforming unused land and protecting green spaces.
The investment will unlock 160,000 new homes, fulfilling the government’s commitment to invest £10 billion in housing provision and improving the affordability of homes for families across the country, driving growth and regeneration in local areas. The funding will promote high-quality, well-designed schemes and greener homes that support the government’s Net-Zero goal by 2050.
As part of this, £300 million of locally targeted grants will be awarded to the Mayoral Combined Authorities and Local Authorities to unlock smaller industrial plots for housing, further regenerating local areas while protecting the countryside.
Chancellor of the Exchequer Rishi Sunak said: “We are investing in better quality, safer, greener and more affordable housing to create prosperous places where people want to live. One of my favourite hobbies is walking in the park with my family, and I want to make sure everyone has green spaces on their doorstep to enjoy too. Transforming our neglected and neglected urban spaces will help protect our precious countryside and green spaces while improving the physical and mental health of our communities.”
The Chancellor is also set to announce a new £9 million Park Leveling Fund that will allow Local Authorities to transform more than 100 abandoned urban spaces across the UK into ‘pocket parks’, providing small green sanctuaries where most can be found in need.
Roughly the size of a tennis court, these green spaces have helped improve the physical and mental health of the communities that use them, allowing locals to relax while their children have a safe space to play.
With over two and a half million people in the UK living more than 10 minutes’ walk from a green space, this fund is part of the government’s move to level up and will ensure that the areas most in need are targeted.
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