Budget to include £1bn for social and affordable housing
The UK government plans to allocate over £1bn for social and affordable housing in the upcoming Budget, alongside new funding and powers for regional mayors. The Chancellor also signaled potential increases in defence spending and support for small breweries.
Why it matters
This budget announcement reflects the government's strategy to decentralize power and address the ongoing housing crisis in England.
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 Wednesday's 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 housebuilding 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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