Spring Budget 2024 – What FMs Need to Know
Jeremy Hunt has published HM Treasury’s Spring Budget for 2024 – let’s look at the main points concerning those working in facilities...
Read Full ArticleChancellor Rachel Reeves has delivered the first Labour Party Budget in 15 years.
Let’s take a look at the main announcements that those working in the built environment should be aware of:
The National Living Wage will increase from April 2025, from £11.44 to £12.21 per hour, affecting over three million workers in the UK.
18-20-year-olds will also receive a pay boost from £8.60 to £10.00 an hour, which is the largest increase in the rate ever recorded.
To tackle the ongoing housing crisis and to encourage the development of affordable housing, the government will provide an additional £3 billion of housing guarantee schemes for SMEs and the Build to Rent sector, allowing developers to access lower‑cost loans and support the delivery of new homes.
Remediation of social housing will be sped up with investment reaching over £1.0 billion in 2025‑26 and over £50 million will be used to expedite the planning process for Nationally Significant Infrastructure Projects.
The government will continue to dispose of surplus estate and will set a target of at least £1 billion of receipts by 2030. This is a continuation of the Government Property Strategy announced in 2022, which promised that £1.5 billion of government properties will be sold over the following three years.
The Insolvency Service has disqualified over 800 company directors for misusing loan schemes intended to support businesses during the COVID-19 pandemic. A new Covid Corruption Commissioner will help to recover these public funds.
To support planning and investment in long-term infrastructure upgrades, local councils will have their financial support expanded to tackling issues such as housing, transportation, and the move to green energy.
There will also be reforms to the National Planning Policy Framework to help councils manage land use more effectively, prioritising the redevelopment of brownfield land to meet housing demands while balancing economic and environmental considerations.
Picture: a photograph of Rachel Reeves. Image Credit: https://members.parliament.uk/member/4031/portrait via an Attribution 3.0 Unported (CC BY 3.0) licence: https://creativecommons.org/licenses/by/3.0/legalcode
Article written by Ella Tansley | Published 30 October 2024
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