Budget 2015: What It Means For London

Andy Thornley
By Andy Thornley Last edited 41 months ago
Budget 2015: What It Means For London

Budget2This afternoon the Chancellor, George Osborne, gave his final budget just 49 days before the General Election.

But what does it mean for London in particular? We’ve sped-read the 125 page document, supplied by HM Treasury, highlighting the measures outlined that are specific to London. Here are the key relevant points:

Housing

  • The Budget says that housing in London is the ‘biggest challenge facing the city’.
  • £1m has been earmarked for the London Land Commission to create a ‘comprehensive database of public sector and brownfield land’.
  • There'll be a consultation on the devolution of further Governmental powers to the Mayor of London on planning with regards to sight-lines and wharfs, ‘to accelerate the provision of new homes by reducing planning delays’.
  • The construction of up to 11,000 homes in Barking Riverside will receive continued support with a consultation planned for the extension of a railway extension.
  • £7m will go to the Greater London Authority to support the Croydon Growth Zone — which ‘could unlock over 4,000 homes and 10,000 jobs’.
  • A ‘Help to Buy ISA’ will assist first time buyers saving for a deposit, with the Government topping up £50 for every £200 saved — with up to a maximum of £3,000 in Government support. This can be used to buy a house up to the value of £450,000 in London (£250,000 for the rest of the country).

Transport

  • £34m of Government funding plus £16m from TfL will be spent on the Croxley Rail link to extend the Metropolitan Line to meet the West Coast Mainline at Watford Junction.

Growth

  • £97m of Government funding and ring fencing of the local 50% share of business rate growth for the regeneration of Brent Cross, unlocking 7,500 homes and 4.9m square feet of commercial development with space for up to 27,000 jobs.
  • Reinvesting £30m of the sale of assets from the Medical Research Council to support research at the Francis Crick Institute.
  • £138m for a UK collaboration for Research in Infrastructure and Cities.
  • Devolution of ‘skills’ powers to the Mayor and Greater London Authority over the Apprenticeship Grant for Employers budget and commission of Further Education skills provision in the capital.

Memorials

  • £2.5m for the RAF museum in Hendon.
  • £500,000 to match public donations for a new Iraq and Afghanistan memorial in London.

Last Updated 18 March 2015