The Budget 2024
On 30th October, as the first female Chancellor in over 800 years of the role existing, Rachel Reeves MP made history, delivering a budget that had been extensively leaked in advance.
Much of the budget was mentioned both in Labour pre-election commitments and in the first three months of the new government, but we can now see these commitments put to paper.
Here are the key points for the planning industry:
- £46 million to local planning authorities, aiming to hire around 300 graduates and apprentices for council planning teams.
- £5 million to improve the planning regime for Nationally Significant Infrastructure Projects although no detail has been given for how this will be spent.
- £47 million of funding to local authorities to help schemes stalled due to nutrient neutrality requirements which could deliver up to 28,000 homes.
- £500 million of funding to the affordable homes programme that would deliver up to 5,000 homes.
- £3 billion of additional support for SME builders and the Build to Rent sector to help developers access lower cost financing and ensure the viability of sites.
- Devolution for the West Midlands and Greater Manchester, allowing greater control for the mayors to allocate funding.
- £35 billion to be invested in economic infrastructure in 2025-26, funding major projects in the transport, water and energy sectors.
While much of the news around the budget has been on the tax increases which will serve to fund Rachel Reeve’s budget, the planning and development industry has not been left behind and continues to be a major part of the government’s policy plans going forward.
We now look forward to the release of the new NPPF which Labour ministers have confirmed will be released in December following worries it may be delayed into the new year.
Feature Photo: House of Commons, licensed under CC3.0
