UK Chancellor Pledges £2B for Social Housing

story

MAR 25

Above: Chancellor Rachel Reeves (C) and Deputy PM Angela Rayner (R) visit Bournes Bank housing site, meeting construction workers in Stoke-on-Trent, March 24, 2025. Image copyright: Photo by Cameron Smith/Stringer/Getty Images News via Getty Images

story last updated MAR 25

The Facts

UK Chancellor Rachel Reeves unveiled a £2B ($2.5B) plan to build 18K new social and affordable homes on Monday, with construction set to begin by March 2027 and finish by July 2029.
Sky News Independent
The funding extends the Affordable Homes Programme, launched by the Conservatives in 2020 with a £12B budget over five years to 2025-26. Without further allocations, the chancellor’s plan could mark a £400M ($517.8M) reduction from previous years.
FT
A Treasury statement described the commitment as a “down payment” ahead of the June 2025 Spending Review, which the government claims will deliver “the biggest boost to social and affordable housing in a generation.”
GOV.UK

Sources

Bloomberg FT GOV.UK Independent Sky News The Telegraph

The Spin

Labour Party narrative

The Labour government's £2B investment in social housing is a taste of more to come, with the Spending Review in June promising the biggest boost in social and affordable housebuilding in a generation. Today represents a significant milestone on the government’s journey to fix the housing crisis and build 1.5M new homes for hardworking families across the country.

GOV.UK

Conservative Party narrative

Given the Labour government's failure to address illegal immigration, this latest announcement is a total sham. Without a plan to tackle channel-crossings, this new housing funding will only be sufficient for accommodating the population growth caused by illegal migrants, making it impossible to address the housing crisis facing British families.

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