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UK to re-introduce mandatory housing targets

By July 9, 2024No Comments

The UK’s finance minister has announced that she will re-introduce mandatory housing targets.

In her first speech as Chancellor of the Exchequer, Rachel Reeves said that the new government will build 1.5 million homes over the next five years.

Ms Reeves also announced plans to boost economic growth, adding that it was a national mission.

During the election campaign she warned that the new government would inherit the worst set of economic circumstances since World War II.

“What I have seen in the past 72 hours has only confirmed that,” she said.

She declared that she planned to “get Britain building and growing again”.

Reiterating a pledge she made during the election campaign, Ms Reeves said she was committed to economic stability.

“In an uncertain world, Britain is a place to do business,” the chancellor said.

A new national wealth fund, to drive investment, will be established. The next steps to achieve this will be announced soon, Ms Reeves told reporters.

She also pledged to reform the planning system, telling business leaders that the current “antiquated planning system” leaves projects stuck in red-tape.

To achieve this 300 new planning officers will be recruited and planning decisions on major infrastructure projects will also be made on a national level, rather than local level.

The new chancellor said the UK government would give priority to new energy projects, adding that she will end an effective ban on onshore wind farms.

Ms Reeves has requested an assessment of the “economic inheritance” that she has received from the previous government.

She will be presenting the findings to parliament before the summer recess.

Article Source – UK to re-introduce mandatory housing targets – Reeves – RTE

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