Autumn Budget 2021: The key points

In today’s Autumn Budget (27th October), chancellor of the exchequer Rishi Sunak outlined the government's economic plans.

According to the chancellor, today’s Budget increases total departmental spending over the parliament by £150bn.

The key points of the Budget impacting the property and specialist finance markets included:

  • £11.5bn allocated to help build up to 180,000 new affordable homes, with 65% of funding for homes outside London
  • £1.8bn fund to support the delivery of housing on brownfield sites across the UK
  • £5bn committed to remove unsafe cladding from high-risk buildings, funded by a 4% rate Residential Property Developer Tax on developers who have an annual profit of £25m or more
  • £3.9bn to decarbonise buildings, including £1.8bn to support tens of thousands of low-income households to make the transition to net zero while reducing their energy bills
  • over £1.6bn for the British Business Bank’s (BBB) regional funds to provide debt and equity finance to SMEs
  • the extension of the Recovery Loan Scheme until 30th June 2022
  • an additional £65m investment to improve the planning regime, through a new digital system to ensure more certainty and better outcomes for the environment, growth and quality of design

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