The Labour Party’s pledge to build 1.5 million new homes over the next five years has got underway after the prime minister unveiled half a billion pounds worth of private investment to get the ball rolling.
Schroders, Man Group and Resonance announced new impact investment funds on Tuesday – pots of money that aim to create social or environmental impact.
These will help to address directly the shortage of homes by supporting the building of tens of thousands of new homes across the UK, the Treasury said.
Meanwhile, £68 million of funding for councils across England to build homes on abandoned brownfield land has been allocated at the same time as crucial reforms to the planning system.
“I said this government is on the side of the builders, not the blockers. And I meant it,” Sir Keir Starmer said.
“This funding for councils will see disused sites and industrial wastelands transformed into thousands of new homes in places that people want to live and work.
“Our brownfield-first approach will not only ramp up housebuilding but also create more jobs, deliver much-needed infrastructure and boost economic growth across the country.”
Talking to BBC Breakfast, he added: “We’ve said as a Government we’re going to fix the foundations, rebuild our country, and expressly saying ‘now is the time to back us’.
“Companies and investors are coming in today saying ‘here’s half a billion pounds’. We want to raise that, by the way, I want that to be up over £1 billion before too long.”
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