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Capital expenditure to hit £100bn next year, chancellor announces
The government has committed to spending £100bn on capital investment next year, including housing and other infrastructure projects, as part of its one-year Spending Review.
Announcing the government’s spending plans in the House of Commons today, chancellor Rishi Sunak said the funding is “£27bn more in real terms than last year” and will deliver “the highest sustained level of public investment in more than 40 years”.
For housing, this investment includes the previously announced £12.2bn Affordable Homes Programme that will run from 2021 to 2026.
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The government also announced a £7.1bn National Homebuilding Fund, which provides funding for private sector businesses to build new homes or prepare sites for development.
In addition to the capital funding, the chancellor announced that the government was establishing a new UK infrastructure bank that will be headquartered in the North of England.
“The bank will work with the private sector to finance major new investment projects across the United Kingdom, starting this spring,” the chancellor said.
A new £4bn Levelling Up Fund to help finance projects such as libraries, museums and high streets was also announced.
