Chancellor’s Spending Review pledges money to housing sector

As Chancellor Rishi Sunak addressed the House of Commons this afternoon he began to outline the impact the coronavirus pandemic has had on the UK economy.

In his address, he spoke about property taxes and ended the speculation that these would be changed. However, this is only a short-term strategy with further considerations being made in the future.

However, he did fail to mention any changes to Capital Gains Tac (CGT), so this will need to be looked at carefully.

In his speech, Mr Sunak said:

“Following the introduction of the temporary cut in stamp duty, house sales rose 15.6% in August – helping to protect nearly three quarters of a million jobs in the housing sector and the wider supply chain.”

More money has been pledged to the housing and property industry. These funds are:

  • £20 billion to support new housing from 2020-2021
  • £7.1bn National Home Building Fund
  • £12.2bn affordable homes programme

More information about these funds are expected in the coming days.

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