The plan will create tens of thousands of jobs through bringing forward work on £8.8 billion of new infrastructure, decarbonisation and maintenance projects.
This includes a £3 billion green investment package that could help support around 140,000 green jobs and upgrade buildings and reduce emissions.
As part of this package homeowners and landlords in England will be able to apply for vouchers from a £2 billion Green Homes Grant scheme this year to pay for green improvements such as loft, wall and floor insulation that could save some households hundreds of pounds a year on their energy bills while creating thousands of jobs for tradespeople.
And a £1 billion programme will make public buildings, including schools and hospitals, greener, helping the country meet its ambitions of achieving Net Zero by 2050, whilst investing in our future prosperity.
2/ Low-income households will be eligible for up to 100% government funding up to £10,000. This could support 100,000 jobs and make over 650,000 homes more energy efficient.
It could also save households up to £300 a year on their bills.
— Rishi Sunak (@RishiSunak) July 8, 2020
In addition, £5.8 billion will be spent on shovel-ready construction projects to get Britain building. This includes:
- £1.5 billion for hospital maintenance and upgrades
- £100 million for our local roads network
- over £1 billion to start to rebuild schools in the worst condition in England, plus £760 million this year for key maintenance work on schools and FE colleges
- £1 billion for local projects to boost local economic recovery in the places that need it most
- £142 million for court maintenance to repair around 100 courts across England.
The government has also announced that they want people to feel confident to move, to buy, to sell, to renovate, and to improve their homes. So they are introducing a temporary increase to the Nil Rate Band of Residential SDLT (Stamp Duty) from £125,000 to £500,000 until 31 March 2021. In England and Northern Ireland nearly 9 out of 10 people getting on or moving up the property ladder will pay no Stamp Duty at all. This will drive growth and support jobs across the housebuilding and property sectors.
