Rachel Reeves Announces £39 Billion Housing Boost As She Vows To ‘Renew’ Britain

Rachel Reeves during a visit to the Fairham Development, a housing development site in Nottinghamshire.Rachel Reeves will announce plans to spend nearly £40 billion building affordable homes in a bid to solve the UK’s housing crisis.The chancellor will outline details of the cash boost in the spending review on Wednesday.It will be seen as a major victory for Angela Rayner, the deputy PM and housing secretary, who has been locked in a battle with the Treasury for more funding for her department. Under the plans, £39bn will be spent over the next 10 years on a social and affordable homes programme, which works out at £3.9bn a year.The last five-year programme, which comes to an end in 2026, was worth £11.5bn, or £2.3bn a year. A government source said: “The government is investing in Britain’s renewal, so working people are better off. “We’re turning the tide against the unacceptable housing crisis in this country with the biggest boost to social and affordable housing investment in a generation, delivering on our commitment to get Britain building.”Reeves will confirm plans to spend billions on new transport links in the north and Midlands, and fund the completion of a new nuclear power station at Sizewell C.The NHS and Ministry of Defence are expected to be the big winners in the financial settlement, with other departments facing real terms cuts to their budgets as Reeves tries to balance the nation’s books.The chancellor will tell MPs: “This government is renewing Britain, but I know too many people in too many parts of the country are yet to feel it. “My task – and the purpose of this Spending Review – is to change that.“To ensure that renewal is felt in people’s everyday lives, their jobs, their communities.“So that people can see a doctor when when they need one, know that they are secure at work and feel safe on their local high street.“The priorities in this Spending Review are the priorities of working people. To invest in our country’s security, health and economy so working people all over our country are better off.That is what this Spending Review will deliver.”She will add: “I have made my choices. In place of chaos, I choose stability. In place of decline, I choose investment. In place of retreat, I choose national renewal. “These are my choices. These are this Government’s choices. These are the British people’s choices.”Related...Rachel Reeves Prepares To Unveil Billions Of Pounds Of Cuts In 'Devastating' Spending ReviewSadiq Khan Attacks Rachel Reeves As Labour Tensions Boil Over Ahead Of Crunch SpeechRachel Reeves Agrees To Spend £14 Billion On New Nuclear Plant

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