Chancellor George Osborne has promised to spend £3 billion on affordable housing and set up a £2 billion a year local growth fund.
Announcing his spending review for 2015/16 in parliament, he said the Government was committed to a ‘over £3 billion capital investment in affordable housing’.
He also announced the government is setting up a local growth fund, as recommended by Conservative peer Lord Heseltine. This will be distributed through local enterprise partnerships, and could be worth £10 billion over five years.