Mayor’s draft budget includes £3.2bn for new affordable homes

Mayor’s draft budget includes £3.2bn for new affordable homes January 10, 2017 / Isla MacFarlane
Mayor’s draft budget includes £3.2bn for new affordable homes

The Mayor of London, Sadiq Khan, will today (10 January) set out how he plans to deliver real results for Londoners as he answers questions from the London Assembly on his first draft budget.

The Mayor’s draft 2017-18 budget covers the entire Greater London Authority Group – including Transport for London, the London Legacy Development Corporation, the Metropolitan Police Service and the London Fire Brigade.

A record-breaking £3.2bn to deliver increased amounts of new affordable housing is double the amount earmarked for tackling London’s poor air quality.

Sadiq Khan will also confirm that he is proposing to increase the gross budget of the Old Oak and Park Royal Development Corporation from £5.8m in 2016-16 to £7.3m for 2017-18, so that the corporation can move forward with delivering the tens of thousands of homes and jobs that can be created at this West London site.

“I also believe that Old Oak and Park Royal is one of the capital’s most important regeneration projects,” the Mayor is expected to say. “The previous Mayor inflated last year’s OPDC budget by allocating a one-off payment of £6m to the organisation. Taking that into account, I am, in fact, proposing to increase the Development Corporation’s budget compared to what the Assembly agreed last year.”

The Mayor’s draft budget for 2017-18 also includes a commitment to speed up the delivery of housing on the Queen Elizabeth Olympic Park; A consultation document that sets out the Mayor’s proposals was made available on the Greater London Authority website on 21 December.

Members of the public and other stakeholders have until this Thursday (12 January) to comment on the draft Budget. The Budget is due to be considered by the full London Assembly on 25 January and 20 February and the final budget and council tax precept will be approved by the Mayor after this second meeting.

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