Chancellor promises biggest investment in social and affordable homes in a generation to hit 1.5m target
Rachel Reeves will raise government spending on affordable housing by nearly double on Wednesday, providing a major boost to the housebuilding sector and bringing the government’s housing targets a step closer.
The chancellor will announce nearly £40bn worth of grants to be spent over 10 years for local authorities, private developers and housing associations – a major increase on the previous programme.
She will also allow social landlords to raise rents by 1 percentage point above inflation for the same period, another key demand of housing providers.
The announcement, which the chancellor will make during her long-awaited spending review, will make Angela Rayner and her housing department one of the biggest winners of the drawn-out departmental negotiation process.
