Chancellor Rishi Sunak today announced that he’s earmarking £24bn for “a multi-year housing settlement”.
A total of £11.5bn of this will be set aside to build up to 180,000 new affordable homes, which he says is the largest cash investment in a decade.
Brown-field land will be targeted for new homes, he added.
On cladding, he says £5bn will be made available to remove unsafe cladding from the highest risk buildings, which he says will be partly funded by the Residential Property Developers Tax.
This will be levied on developers with profits over £25m at a rate of 4%.
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