Britain Remade responds to the 2024 Spring Budget

Responding to the Spring Budget, Sam Richards, founder and campaign director for pro-growth campaign group Britain Remade, said:

“With the economy stagnating, productivity sluggish and growth elusive the Spring Budget was an opportunity for the Chancellor to pull every lever available to fire up the British economy, unfortunately this Budget falls far short of what is needed when it comes to building the economy boosting homes Britain needs.

“Britain Remade’s analysis shows that by building the 300,000 homes, and doing so where housing costs are the highest, would not only mean young people could get on the housing ladder, it would significantly grow the economy by up to £22.5 billion.

“This housebuilding boom would increase the Treasury’s firepower by over £13 billion, support 132,000 construction jobs along with 79,000 in the supply-chain and cut the housing benefit bill by nearly £800 million.

“With the dream of home ownership now out of reach for millions of young people, Jeremy Hunt and the prime minister need to recognise that building the homes we need is a win for young people and a win for the economy.

“At the same time, we know that a productive economy needs cheap, clean energy abundance. The news that the government has reached agreement with Hitachi to buy the Wylfa site on Ynys Môn is excellent news and will hopefully now unlock the site and ensure new nuclear can be delivered on the island as quickly as possible”

"However there is still more red tape that needs removing to get building new onshore wind, new offshore wind, new solar, and new nuclear at far quicker rates than we currently do. This would make businesses more competitive and bring down household bills. The Chancellor’s silence today on the red tape holding back clean energy deployment was regrettable.”