UK government reportedly readying multi-billion pound property fundStaff Writer | August 23, 2016
The government is reportedly preparing a multi-billion pound fund to support property developers in a bid to stimulate the UK's economy after the Brexit result.
Britain A sharp decline in infrastructure spending since Brexit
According to sources cited by Property Week, the fund would be used to give financial guarantees to developers who are worried about developing big projects in the uncertain economic climate.
The plans are likely to be announced in the Autumn Statement, which will be presented to the House of Commons in late November or early December.
The news comes as consultancy group Barbour ABI, which supplies data to the Office for National statistics, announced there was a sharp decline in infrastructure spending since the EU referendum in June.
Infrastructure contracts in July fell 20% to 1.5bn pounds, compared to June, and fell 23% year-on-year. New construction contracts were also down 5.8bn pounds in July.
Theresa May, in her maiden speech as Prime Minister, said she would tackle the growing housing crisis and the widening gap between supply and demand. ■