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Chancellor earmarks cash for 50 colleges and 4,000 social housing starts

Colleges and social housing have today received a boost under chancellor George Osborne’s first spending review, which detailed more than £6 billion of cuts to be made across Whitehall.

Mr Osborne revealed that while the department for business innovation and skills would have to slash £836 million from its budget, a new £500 million pot would be created to boost employment and skills.

About £50 million will help fund capital investment in “those colleges most in need”. Coupled with £100m already earmarked for college schemes, Mr Osborne said the money would allow for the Government to invest in up to 50 new projects.

A total of £150m will be spent on adult apprenticeships and money will also be put aside to invest in 4,000 new social housing starts.