Autumn Statement 2015: Osborne to set out £7bn affordable homes plan


Chancellor George Osborne is due to set out £7bn of Government spending on a new housebuilding programme in today’s Autumn Statement.

The Chancellor will detail £20bn of cuts to Government departments and £12bn from the welfare bill.

But he will also pledge nearly £7bn as part of a package that will include building over 400,000 “affordable homes”, the BBC reports.

The Treasury is describing the plan as “the biggest affordable housebuilding programme since the 1970s”.

It will include £2.3bn paid to developers to build “starter homes” for first-time buyers who will get a 20 per cent discount on property worth up to £450,000 in London and £250,000 outside the capital.

In addition, £4bn will be spent on 135,000 Help to Buy shared ownership homes for households earning less than £80,000 or less than £90,000 in London.

The Government will also spend £200m on 10,000 new homes for people to live in for up to five years at reduced rents while they save for a deposit. They will have “first right” to buy the home.

Around 8,000 specialist homes for older people and those with disabilities will be built with £400m.

Osborne is also due to announce details of a tax avoidance crackdown which he says will raise £5bn.

The Chancellor is expected to address his controversial plans to cut £4.4bn from working tax credits. The plans were rejected by the House of Lords last month.



Nic Cicutti: FOS staff are more than just ‘less qualified mortals’

Three or four years ago, stretched out on the couch with a beer after a day’s graft, I found myself flicking through endless TV channels in search of something vaguely watchable. A documentary popped up about an English neurosurgeon who regularly flew out to the Ukraine to perform brain operations on poor people in the […]

Aberdeen Asset Management’s Chou Chong quits after 21 years

Aberdeen Asset Management’s investment director of Asian equities Chou Chong is leaving the firm at the end of the year. Chong has decided to leave the asset management industry, says Aberdeen in a statement. “While we are saddened by Chou’s departure after a long and successful career with Aberdeen, we are confident in our highly-skilled investment team, […]

Danby Bloch

Danby Bloch: Protecting your clients from cyber crime

It is hard to write about cyber security without sounding overly scary, but that is because it is a scary subject. Platforms and other providers have reported more cyber attacks in the past year than ever before, and financial advisers are also an obvious target. One of the most common attacks is the fraudulent email. […]

Mark Barnett: Rise in UK dividend payout ratio is unsustainable

One question I am being asked a lot at the moment is how the stock market volatility and global events of the past six months have affected my investment strategy. When equity prices move significantly I will always reappraise the positioning of my portfolios but this tends to be more on a rolling 12- to […]

US equities: opportunities for short sellers expand

Optimism is as American as baseball and apple pie. And since the financial crisis, being optimistic about US equities has paid off: they have outperformed every other major developed market by a comfortable margin. Yet while there remain plenty of good reasons to be optimistic about US equities, Stephen Moore, manager of the Artemis US […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm