This 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.
