Acknowledging that roads had ‘taken a battering’ following the exceptionally poor weather this winter, Osborne also announced an additional £140m for immediate repairs and maintenance to damaged flood defences across Britain.
The chancellor confirmed that the Help to Buy equity loan scheme would be extended for the rest of the decade, helping build 120,000 new homes.
‘In the South East where the pressure is greatest we’re going to build new homes in Barking Riverside, regenerate Brent Cross, and build the first new garden city in almost a hundred years at Ebbsfleet.
‘We’re going to build 15,000 homes there, put in the infrastructure, set up the development corporation and make it happen.’
Commenting on the housebuilding announcement, Grainia Long, chief executive of the Chartered Institute of Housing, said: ‘If we are going to build the number of homes that we need to solve the housing crisis, garden cities and other new developments are going to be a huge part of the mix.
‘The chancellor’s announcement of the Ebbsfleet garden city and developments in Barking, Riverside and Brent Cross is a welcome recognition of this. We hope this is start of things to come and that we will see more major announcements that will contribute to the supply of new homes.’
Osborne also signalled a new City Deal for Cambridge and announced a £270m guarantee for the Mersey Gateway Bridge.
