Javid Patel Reviews Labour's Proposed Housing and Industrial Strategy Ahead of the Budget

“Eddisons has been impressed by the new Government’s approach to housing and property so far and we applaud many of their recently announced initiatives, including the much-needed overhaul of the planning system and mandatory local authority targets that promise to deliver 370,000 new homes each year.

“The New Towns Taskforce, chaired by Sir Michael Lyons, is part of a long-term vision to create largescale, well-planned communities of at least 10,000 new homes. Meanwhile tens of thousands of new homes will also be built across Britain funded by over £550m worth of impact investments. The Government says that the investment – funds that create beneficial social or environmental impact - has grown to £76.8bn in the UK in assets under management.

“Eddisons is playing a part in supporting housing growth and we are advising on some key projects, including the 3,200-home Western Growth Corridor in Lincoln; Porthsmouth’s City North Scheme which will deliver 2,300 homes; the Minster Quarter in Reading with another 615 homes; Dudley Council’s large mixed-use development; as well as the pioneering 6,000-home Welborne Garden Village in Hampshire.

“Finally, Labour’s proposal to create a formal industrial strategy for the UK for the next decade, setting out its proposals for supporting growth across the economy in its industrial strategy green paper, is also to be hugely welcomed.

“Cities such as Leeds, Manchester, Birmingham, Sheffield and Cambridge should all see benefits as the industrial strategy, on which views are currently being sought from business, promises to target the eight growth-driving sectors that the Government has identified. 

“Those key sectors are: advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences, and professional and business services.

“Against a backdrop of global economic uncertainty, the ongoing impacts of Brexit and the challenges of net zero and digitalisation, the draft industrial strategy aligns Britain’s economic base with the major challenges of the 21st century. It also shines a spotlight on devolution and empowering local leaders outside London and the South East to shape industrial policies that address the specific economic needs of individual regions. 

“The industrial strategy green paper is only a start - but it’s a big step in the right direction.”

For more insight into the potential property-related tax changes expected in the upcoming Budget, read Javid Patel's analysis on how the Chancellor may tackle fiscal challenges here.