Budget 2015: Little Real Impact On Infrastructure And Housing

The Government Needs to Provide a National Strategic Plan: According to Irwin Mitchell

19.03.2015

Karen Roberts, Press Officer | 0207 400 8714

A series of measures to ease the shortage of housing and to promote infrastructure were announced in the 2015 Budget, including confirming:
 
• the introduction of the first 20 housing zones for construction outside London and extension of 8 enterprise zones across Britain, with new zones in Plymouth and Blackpool;
• funding for a London Land Commission;
• the introduction of a help-to-buy ISA which would allow households to save for their first home;
• pilot schemes to allow the Greater Manchester Combined Authority and Cheshire East and Cambridgeshire and Peterborough to retain 100% of Growth in Business rate income;
• £7m to be provided to the Greater London Authority to support the development of the Croydon Growth Zone, as well as ongoing support for the regeneration of Barking Riverside and Brent Cross;
• the publication of a consultation document on reforms to the compulsory purchase scheme;
• devolution of further powers to the Mayor of London, including over planning;
• commitment to fund HS3, the high-speed rail link between Leeds and Manchester;
• the publication of a comprehensive transport strategy for the north;
• a new city deal for the West Yorkshire Combined Authority;
• a  new £60m energy research centre in Birmingham and that the new energy catapult will be based in the West Midlands;
• £7bn investment in transport in the South West, including new intercity rail franchise;
• to enter in to the first phase of negotiations on a Contract for Difference for Swansea Bay Tidal project; and
• the introduction of 'generous' tax allowance to stimulate investment in North Sea oil industry from the start of April, with Government investing in new surveys of UK continental shelf.
 
Rob Thompson, Head of Real Estate at Irwin Mitchell in London said: