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The Spending Review is a chance to protect, prepare and promote – if the government seizes it
The forthcoming Spending Review is a crucial one for the housing sector and its residents. Geeta Nanda sets out the G15’s vision of what the future should look like and the decisions the chancellor needs to make if we’re to get there
As the chancellor puts together the Spending Review this autumn, there are some big decisions he needs to consider.
After 18 months of much-needed and much-welcomed emergency budget announcements, this multi-year review is a chance to set out a clear route forwards on how we will build back better.
As the G15 – the group of London’s largest housing associations that are also some of the largest affordable housing providers across the country – we are urging the chancellor to deliver an ambitious programme that protects residents, prepares for the future, and promotes a fair recovery for the country and our residents.
We need protection for leaseholders from building safety costs – not just from those related to the removal of certain cladding in the tallest buildings – alongside giving social housing providers access to government funding for all our homes.
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Building safety continues to be the most significant challenge facing housing providers of all shapes and sizes. Collectively, the G15 are setting aside £3.6bn for building safety works by 2036, which is equivalent to the housing association investment needed to provide 72,000 new affordable homes.
As well as living up to commitments that have been made to protect leaseholders from significant costs, there are practical steps, such as removing VAT from remediation works, that the chancellor could and should take to maximise the value of resources that are being invested.
“To truly build back better and to give meaning to the levelling-up agenda, we must promote a strong and fair recovery from the pandemic for our residents and communities”
The next few years will be critical for meeting the generational challenge of achieving net zero carbon. The Spending Review is a chance to prepare for achieving net zero by turbo-charging decarbonisation in social housing.
Many of our members are closely involved with pilots through the Social Housing Decarbonisation Fund, but to really boost progress we need the full fund to be brought forward sooner. This Spending Review is a chance to signal what longer-term resources will be available to help deliver the transition, and to provide regulatory certainty to help guide investment decisions.
Crucially, to truly build back better and to give meaning to the levelling-up agenda, we must promote a strong and fair recovery from the pandemic for our residents and communities. The Spending Review can play a key role here too.
The pandemic has brought into stark relief the challenges so many people face, including our residents. A fair recovery must be one that doesn’t simply reinforce the old status quo, but that instead promotes new opportunity and provides support where it is needed.
A multi-year comprehensive education catch-up programme and a strengthened social security safety net are just two ways the chancellor could act, alongside maintaining the Universal Credit uplift.
We must also not forget the return on investment that the government and the economy receive from investment in building much-needed new homes.
While the recent Affordable Homes Programme allocations that will see G15 members build more than 21,000 new homes are welcome, further investment in tackling the housing crisis is a win-win for everyone. As is the investment we make every year in maintaining and improving our existing homes, which has huge benefits for residents and for our supply chain partners.
By taking decisive action on these issues, the government can support housing providers and our residents to play our full part in the collective recovery effort the country needs.
Geeta Nanda, chair, G15; chief executive, Metropolitan Thames Valley
