25 November 2020
Chancellor announces new spending plans
B P Collins highlights key points from the government’s new spending plans announced today by Chancellor Rishi Sunak, which are likely to affect our property, corporate and commercial and employment clients.
Homes and infrastructure
- £7.1bn will be made available for a national home building fund.
- A new national infrastructure bank will work with the private sector to fund major new investment projects across the UK, beginning in Spring 2021.
- A "Levelling up" fund worth £4bn will also be created to pay for local projects that will make a huge impact such as bypasses and museums and galleries, right through to street and town centre developments.
- The chancellor has confirmed that £3bn will be made available for a three-year ‘Restart’ project to assist a million people who have been unemployed for over 12 months to find jobs.
- The national living wage will increase to £8.91 per hour and will be expanded to those aged 23 and over.
- National minimum wage will also rise.