The housing budget is directed towards new ‘low cost homes for sale’ for first-time buyers and housing association tenants given the right-to-buy to increase home ownership and construction.
Another improvement is about the existing 89 Local Authority pension funds which will be pooled into half a dozen British Wealth Funds, each with assets of over £25 billion. This step will save millions of pounds every year in costs and fees. The new funds will develop the expertise to invest in infrastructure.
The government will bring forward sales of land, buildings and other assets the government bought or built, raising up to £5 billion over the course of this Parliament. The funds from these sales will be recycled to help fund new infrastructure projects.
A new independent National Infrastructure Commission (NIC) is being created today (5 October 2015). It will be charged with offering unbiased analysis of the UK’s long-term infrastructure needs.
Commenting on the National Infrastructure Commission the Chancellor, George Osborne, said: “The Commission will calmly and dispassionately assess the future infrastructure needs of the country and it will hold any government’s feet to the fire if it fails to deliver.
“I am delighted that the former Cabinet Minister and Transport Secretary Andrew Adonis has agreed to be the Commission’s first Chair and help us create Britain’s plan for the future.”