Tomorrow's Budget is predicted to include a package of measures to boost housebuilding
The chancellor is expected to give the UK housing industry a £1bn boost in tomorrow's Budget.
According to media reports, Alistair Darling is set to announce a package of measures to get the construction industry building homes again. This is reported to include:
- Provision of funding for developments where building work has frozen mid-construction
- Money to pay for infrastructure such as roads and street-lighting on housing sites
- A scheme to turn unsold market homes into social housing
- The extension of a stamp duty holiday on homes costing up to £175,000 until the end of the year.
The announcement will be part of the government's plan to “grow” the economy out of the recession. Darling is expected to deliver one of the gloomiest reports on the nation's finances in living memory tomorrow. Public borrowing is due to hit £170bn this year, with the economy expected to contract by as much as 3.5%.
Nevertheless, the chancellor is reported to be eager to boost industries such as construction and car manufacturing while the worst of the recession hits.
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