The Chancellor has announced funding for a further 90,000 affordable homes in London.
The investment amounts to £3.15 billion and will be spent on new build homes. The news has been welcomed by Mark Boleat from the City of London Corporation. He said “The £3.15 billion over the next five years will go some way in alleviating a problem which seriously undermines our position as a leading global city”. The homes should be built by 2021.
The Chancellor also announced an increase in the Living Wage. Londoners on the Living Wage will see their hourly rate increase by 4%, up from £7.20 to £7.50.
The much anticipated drop in corporation tax was not announced as expected. It was widely expected that the Chancellor would drop the rate from 17% to 15%.
There will be more on this on City News at 3.30pm
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The Chancellor has announced funding for a further 90,000 affordable homes in London.
The investment amounts to £3.15 billion and will be spent on new build homes. The news has been welcomed by Mark Boleat from the City of London Corporation. He said “The £3.15 billion over the next five years will go some way in alleviating a problem which seriously undermines our position as a leading global city”. The homes should be built by 2021.
The Chancellor also announced an increase in the Living Wage. Londoners on the Living Wage will see their hourly rate increase by 4%, up from £7.20 to £7.50.
The much anticipated drop in corporation tax was not announced as expected. It was widely expected that the Chancellor would drop the rate from 17% to 15%.
