The first Budget of the new Government:

On 30 October 2024 the first Budget of the new Government since the general election will be delivered.

What is the Autumn Budget likely to cover?

The Institute for Fiscal Studies (IFS) has pointed out that the Autumn Budget covers two different structural budget matters- the Spending Review and the Spending Envelope:

- The 2024-2026 Spending Reviews: These are the detailed departmental spending allocations for next year (2025/26) together with adjusted allocations for the current year (2024/25).

- The Remaining Parliament Spending Envelope: This is a broader brush indicator of the government's priorities and the departmental 'winners and losers' for remainder of the Parliament (2026/27 onwards).

- The Spending Envelope will be converted into three year Spending Review in the Spring Budget 2025. This is intended to be refreshed and reviewed on a bi-annual basis.

The Budget takes effect against a backdrop of high political ambitions coming out of the recent general election but highly constrained public finances.

There are high hopes that the Budget will deliver a step change for infrastructure with a fresh approach to the funding and delivery of major infrastructure projects.

For housing, the new government has committed to build 1.5 million homes this Parliament. There are mixed reports on the priority for housing within the overall new government's infrastructure and growth ambitions – with some indications that it is a central part of HM Treasury growth mission while other sources say that major infrastructure priorities may not include housing.

Read more from the Institute of Fiscal Studies here: IFS Options for the Spending Review 2024 and beyond

Six Areas to watch in relation to Housing Delivery 

There are six key areas to look out for in the upcoming Autumn budget in relation to housing delivery (click on each to read more):

(1) a long term rent settlement for social housing

(2) Temporary housing, council budgets and tackling the Local Housing Allowance Gap

(3) Capital Expenditure – the affordable housing programme

(4) Green finance, estate improvement, safety and environmental programmes

(5) Home ownership: Reform of Right to Buy and Mortgage Support Schemes

(6) Skills and apprenticeships (including planners)

 

 

There is further Budget recommended reading here