Philip Hammond said a deal had been agreed with the West Midlands to deliver 215,000 homes by 2030-31, facilitated by a £100 million grant from the land remediation fund.

And the Chancellor said he was inviting cities across England to bid for a share of £840 million to deliver on “local transport priorities”.

He said the Government was already working with 44 authorities who have bid for a share of the £4.1 billion housing infrastructure fund.

Mr Hammond said he was inviting cities across England to bid for a share of £840 million to deliver on “local transport priorities”.

Spring Statement

Spring Statement: Philip Hammond delivered a housing boost this afternoon

The Chancellor also informed MPs that around 60,000 first time buyers have benefited from the stamp duty relief he announced in the Autumn Budget.

He said: “I remind the House that the party opposite voted against it.

“At the heart of our plan of building an economy that works for everyone is our commitment to tackle the challenges in our housing market with an investment programme of £44 billion to raise housing supply to 300,000 per year by the mid—2020s.

“I can announce today we have just agreed a deal with the West Midlands who have committed to deliver 215,000 homes by 2030/2031.”

Spring Statement

Spring Statement: Philip Hammond announced 215,000 new homes in the West Midlands

Mr Hammond also used his Spring Statement to signal a period of cautious optimism for the UK.

He said: “Our economy will remain outward looking, confident and ready to compete with the best in the world”.

On the UK’s day-to-day debt the forecast for borrowing of £45.2bn in 2017-18, has been revised down from £49.9bn. That is equivalent to 2.2 percent of GDP.

The Pound is up against the Euro 0.16 percent to 1.1287, and up against the Dollar 0.35 percent to 1.3956.

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