BUDGET 2015: The mayor of London is to be handed new powers to help support London’s growth and provide the houses it needs.
Delivering his 2015 Budget, chancellor George Osborne said: “London is the global capital of the world, and we want it to grow stronger still.
“Today we confirm new investment in transport, regeneration from Brent Cross to Croydon, new powers for the mayor over skills and planning, and new funding for the London Land Commission to help address the acute housing shortage in the capital.
“For we don’t pull the rest of the country up by pulling London down.”
The measures announced include:
■ £97m support for the regeneration of Brent Cross to unlock 7,500 homes and support 27,000 jobs;
■ £1m for London Land Commission to create a comprehensive database of public sector and brownfield land;
■ £7m to GLA to support the development of the Croydon Growth Zone to unlock more than 4,000 homes and more than 10,000 jobs;
■ Reinvesting up to £30m from the sale of Medical Research Council assets to support research at the Francis Crick Institute;
■ Devolving further powers over planning and skills to the mayor of London.
James Lass, fund manager of Schroder UK Real Estate Fund, welcome the measures as a boost to the firm’s major development plans in Croydon.
He said: “We welcome the news from today’s Budget that the government intends to inject millions into developing Croydon as a key location for affordable accommodation in Greater London, at a time when many of the more traditional areas move even further out of reach for prospective homeowners.”
