The Federation of Master Builders has condemned the Chancellor’s announcement that funding for new social homes will be cut to £4.4bn for the building of up to 150,000 homes.
FMB director general Richard Diment said: “For the five million people on social housing waiting lists today’s announcement offers no hope to those needing an affordable home. It is also a big blow to house builders who have suffered the worst recession in decades.”
Mr Diment said the £1million investment for the green investment bank was “little more than a token” and “it remains to be seen if the bank will attract the additional funding that will be needed to retrofit the UK’s 26 million existing homes”.
Mr Diment welcomed the boost for more apprenticeships, saying it offered “real hope for those seeking to learn a skilled trade”.
“However, employers in the construction sector will want to be convinced the economy is strong enough to take on new trainees,” he added.