Chloe SmithMP for Norwich North
Chloe SmithOn Wednesday 8th July, the chancellor announced the Government’s plans for job creation, in order to kickstart the UK’s economic recovery. I am confident that this plan will help people in Norwich.
Housing is one of the most important sectors for creating jobs, with house building supporting three quarters of a million jobs and the construction sector alone contributing £39 bn a year to the economy. The chancellor announced £88bn will be used for capital funding, in addition to the Governments recent announced of their plans to accelerate £5bn of investment projects.
For the first time in eight years house prices have fallen and there is uncertainty within the market. To boost confidence within the housing market again, the chancellor has increased the stamp duty threshold to £500,000; on average saving people £4,500 on stamp duty bills.
The chancellor has also announced a new £2bn Green Homes Grant which will be available from September 2020, creating ‘green jobs.’
The grant will enable homeowners and landlords to apply for vouchers to improve the energy efficient levels in their homes. The grant will cover at least two thirds of the improvement costs, up to a value of £5,000 and up to £10,000 for low income households.
A further £1bn of funding is also going to be used to improve the energy efficiency of public sector buildings, alongside a £50m fund to pilot the right approach to decarbonise social housing.
The Government expects these measures to make over 650,000 homes more energy efficient, save households up to £300 a year on bills and support approximately 140,000 ‘green’ jobs.
I am extremely pleased that the Government plans to not only create jobs through infrastructure and reducing stamp duty, but through combining the housing sector and the environment. This is great news for constituents in Norwich North, as this will provide jobs, meet the housing demand, whilst also looking after the environment.