Jeremy Hunt has promised to unlock the building of tens of thousands of homes and speed up the planning process in an autumn statement designed to cut taxes and boost Britain’s ailing economy.
In a long-awaited lunchtime speech to a packed House of Commons, the chancellor set out more than 100 measures he said would support growth.
These included a number of moves to boost house building, including investing £110 million in nutrient offset schemes to overcome barriers to building in certain areas.
An extra £32 million will deal with local planning delays, while a new permitted development law will make it easier to convert houses into flats. Hunt also extended a scheme that helps social landlords access cheap finance to build affordable homes.
The chancellor said the government would reform the planning system and speed up connections to the electricity grid. It pledged to ensure that major infrastructure projects can receive consent within 30 months, the average time frame previously achieved in 2012.
Councils will be asked to offer fast-track planning processes at a cost, although they will be expected to return the fees if they do not process applications within an as-yet-unspecified timeframe.
Meanwhile, the autumn statement shows a concerted effort to get behind free ports, where goods can be imported duty-free. The chancellor has earmarked £150m over the next five years to grow these areas, as well as extending the window for tax relief.
There was also more than £50m to support regeneration projects across the UK, from Warrington to the Isles of Scilly, along with £20m to fund infrastructure improvements to the Corran Ferry in the Highlands.
Hunt also announced a £960m Green Industries Growth Accelerator to boost manufacturing capabilities in clean energy sectors such as carbon capture and storage, hydrogen, offshore wind and nuclear.
The Chancellor had good news for self-employed workers in the construction industry, abolishing Class 2 National Insurance contributions and reducing Class 4 payments for this group. Meanwhile, the National Living Wage will rise by almost a tenth to £11.44 from April, raising the cost of employment for some businesses.
The autumn statement also extended indefinitely the full spending measure introduced in the spring budget. This allows businesses to claim 100% tax relief on certain investments in plant and machinery for the first year after purchase.
“In the face of global challenges, we have halved inflation, reduced debt and grown our economy,” Hunt said. “We are sticking to a plan that works and this Autumn Growth Statement will attract an extra £20bn of business investment per year over the next decade.”
