Chancellor Rishi Sunak has announced Budget 2020 is here and it reveals investment in Britain’s roads, railways and digital networks which promises significant growth for the new decade.
The Budget 2020 commitments include over £27bn between 2020 and 2025 invested in English strategic roads, an investment of £5.2bn for better flood defences between 2021 and 2027 and an additional £200m towards helping high flood risk areas recover faster.
The housing industry will benefit massively with a £10.9bn increase in investment which will support the government’s plans to build 1 million new homes by the end of Parliament. £12.2bn will also go towards the Affordable Homes Programme, £400m for Mayoral Combined Authorities to start building housing on brownfield land and £1bn will go towards removing unsafe cladding from residential structures to ensure the safety of residents.
Chief executive at APM, Debbie Dore, responded to the announcement and said “This Budget and the forthcoming National Infrastructure Strategy seeks to turbo-charge and ‘level-up’ the economy, particularly through infrastructure investment and strengthening regional economic activity.”
Sunak has also claimed that the UK has cut carbon emissions more than any other G7 country already and has announced plans to reduce emissions further.
The investments will encourage more environmentally-friendly means to heat homes and buildings, the government will introduce a Green Gas Levy to help fund and encourage the use of greener fuels as well.
Drivers will be encouraged to move towards electric cars through investment in charging structures for the vehicles, which will mean drivers will never be more than 30 miles away from a rapid charging station. The investment will also provide £532m in consumer incentives to purchase low emission vehicles and will reduce taxes on zero-emission vehicles.
These commitments have the capacity to improve the economy massively and move us towards a much greener future.