Budget to include £1bn for social and affordable housing
The UK government plans to allocate over £1 billion for social and affordable housing in the upcoming Budget, bringing total funding for the 10-year programme to over £40 billion. The announcement also includes new borrowing powers for regional mayors and support for the brewing industry.
Why it matters
This policy shift represents a significant investment in national infrastructure and an attempt to decentralize economic decision-making to regional leaders.
Image source, Getty Images Image caption, Chancellor John Healey will present his first Budget on Wednesday
More than £1bn for social and affordable housing in England will be provided in the Budget, taking funding for the government's 10-year homes programme past £40bn.
Mayors and regional leaders across England are also expected to get greater powers and funding in Wednesday's announcement - with councils helped to borrow money from the government to invest in house-building through preferential interest rates.
It is hoped the plans will give regional leaders more flexibility and authority over investment decisions.
Chancellor John Healey said English cities and regions would get the "right to decide their own future", while Prime Minister Andy Burnham said the plans were about shifting power to those "who know their communities best".
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