Social Housing Budget Slashed by Spending Cuts

Speculation is mounting that the £8bn social housing budget will be slashed by up to 80% on Wednesday as George Osbourne announces the long-awaited Comprehensive Spending Review. According to Channel 4 News the budget given to new social housing "will be reduced by up to 80 per cent", and child benefits for the over-16s will be cut, affecting up to 2 million families. It reports that housing associations were given a 40 per cent government subsidy to build some 50,000 homes last year, nearly half of the entire stock of new homes. It says that insiders suggest that if cuts reach 80 per cent of the Budget that new social housing will collapse to just a few hundred per year. It reports that Government insiders have confirmed that the rough magnitude of cuts to the £8.4bn social housing budget will be 60-80 per cent. Read more on the Channel 4 website.