The Treasury announced last night: “£2 Billion New Investment to Support Biggest Boost in Social and Affordable Housebuilding in a Generation.” The surprise release says the funding “will only support development on sites that will deliver in this Parliament” to develop ‘affordable’ homes in the north. Chicken feed for angry left-wing MPs who want the fiscal rules bent ahead of tomorrow’s Spring Forecast…
Darren Jones is meeting with Labour MPs in Downing Street to provide more information ahead of tomorrow’s proceedings. There are clues that the rushed announcement has been hastily brought forward from the June Spending Review, as is widely rumoured in Whitehall. The release says funding “comes as a down payment from the Treasury ahead of more long term investment” and adds:
“At the conclusion of the current Spending Review process on 11 June 2025, the Government will announce further long-term investment into the sector in England, delivering the biggest boost to social and affordable housing in a generation.”
Another clue comes along with the external quotes HMT managed to get, including National Housing Federation CEO Kate Henderson and Lloyds Banking Group CEO:
It is interesting to see the extent to which the Treasury is on top of its operation ahead of a delicate operation for Reeves tomorrow. Reeves even drafted popular Rayner in for the photo op. Must be desperate…
Sarah Pochin at Reform Scotland’s manifesto launch event: “I really wanted to come on in a Reform tartan burka, but apparently I wasn’t allowed… One day let’s do one of these events not live-streamed. We’ll do all the naughty stuff…”
