Lot to digest in Chancellor George Osborne's spending review today, with details to emerge over the coming weeks. But here are some initial thoughts and comments from around the country and it's not all bad news: - Local authority budgets to be cut by 7.1% per year for four years but local authorities will have more control throwing the spotlight on TIF's and LEP's. No doubt the fall-out from this will emerge over the coming months although some councils have already announced budget cuts.
- 150,000 affordable homes to be built in next four years - got to be good news for house builders across the country and those with planning permission for schemes which include social housing.
- Government is planning to raise billions for a green bank to invest in off shore wind farms, carbon capture and other green technologies which could be good news for those parts of the country which have been making noises about creating green technology clusters. Yorkshire Insider is one local news source that has picked up on the potential opportunities.
- Permanent tax levy on banks - details to be announced tomorrow - aimed at raising maximum from banks without risking the UK losing it's competitive edge on the world financial stage. Depending on detail it is unlikely to spark any rapid growth in the banking sector which has historically taken good chunks of office space in the City and Edinburgh.
Transport £30bn invested over next four years including:
- Second Mersey crossing at Runcorn and Liverpool/Manchester rail electrification, comment from The Liverpool Daily Post
- East and West coast mainline improvements
- Birmingham New Street station redevelopment
- Extension of Metrolink in Tyneside
- Midlands Metro tram route extended from Snow Hill station to New Street station. The Insider response here
- Two new tram lines in Nottingham. Local comment from the Insider about the impact
Round up of general regional comment:
- Manchester-based blog Inside The M60 reports the response to the CSR by the council's member for finance and human resources, Bernard Priest, who says that the coming months and years will be tough for Mancunians.
- The Business Desk North West says that business leaders in the region remain fearful that uncertainty will continue to jeopardise growth in the wake of the CSR.
- In the North East, the Newcastle Journal highlights CBI director general Richard Lambert's assertion that the region can overcome the effects of the CSR.
- In the South West the Insider reckons the region is braced to take the worse of the cuts
We are keen to hear you views on how the budget might affect your area as the news is digested please use the comment button below or email: stacey.meadwell@estatesgazette.com and we'll published your response
Additional reporting from Daniel Cunningham and David Thame
For all the latest news on the impact of the CSR on the property industry subscribers can go to www.egi.co.uk
Image by pfos on Flickr and used under a creative commons license
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