We are writing to update you on yesterday’s Budget in relation to the Government funding to rectify fire safety issues impacting the property market and our Regional Capitals fund.

Per our update on Tuesday, we had been led to believe that the Budget would provide further clarity on the state aid cap on existing Government funding, as well as details of how the £3.5bn of additional funding would be distributed.

Unfortunately, neither the Budget speech nor the supporting documents contained any information about these issues.

This is a frustrating development and particularly surprising given the Minister of State for Housing stated last week that the Chancellor would be providing further detail on how the funding mechanism would work in the Budget. The Shadow Minister for Housing also picked up that the detail had not been provided.

In light of this, we have written to the Treasury and the Ministry of Housing, Communities and Local Government making clear in the strongest possible terms the need for urgent clarity on this matter.

We will keep you updated as we learn more.

As a reminder, the current trading cycle, due to end this week, was extended for an additional two weeks prior to the Budget announcement. This extension will continue as planned.

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