| An additional £1.5bn is earmarked for social and affordable homes, alongside government-backed lending for first-time buyers | The Your First Home scheme aims to support 70,000 first-time buyers in England, subject to eligibility limits | Budget also outlines funding for devolution, local apprenticeships and rough sleeping, alongside longer-term defence spending commitments |
Housing
The Budget set out further support for affordable housing, rough sleeping and first-time buyers, including an additional £1.5bn for social and affordable homes and £4.7bn in government-backed lending for the previously announced Your First Home equity loan scheme, available in England only. It aims to support around 70,000 first-time buyers; eligibility, property price and income limits will apply. A further £432m has been pledged in England to tackle rough sleeping.
Other key points
- Local funding – £285m for 2027/28 to help areas progress towards devolution
- Fiscal powers – from 2028, mayors are expected to receive an assigned share of existing Income Tax revenues
- Devolved nations – additional Barnett funding is indicated for Scotland (£600m), Wales (£450m) and Northern Ireland (£270m)
- Defence spending – the government is targeting 3% of GDP by 2030, 3.5% by 2035
- Support young people – Jobs Guarantee for eligible 18 to 24-year-olds on Universal Credit and investing £100m in local apprenticeship services
- Alcohol Duty rates – increased in line with RPI.
Closing comments
John Healey signed off his speech saying this is a Budget for “the worker, the sole trader, the parent at the school gate.”
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