Housemark has reported that there was disappointment amongst housing providers that the new UK Guarantees scheme, unveiled by the Chancellor of the Exchequer and Chief Secretary to the Treasury on Wednesday, omitted housing investment.
The scheme aims to kick start nationally significant large infrastructure projects such as transport and energy that may have stalled because of adverse credit conditions. Up to £40 billion worth of projects that are ready or nearly ready could qualify and, subject to legislation, the first guarantees are expected to be awarded in the Autumn. To qualify, these projects must be ready to start in the 12 months following a guarantee being given.
In June it was reported that the prime minister had asked officials to draw up plans to spark a house building boom to revive the UK economy, and Business secretary Vince Cable suggested that housing associations might be suitable recipients of government guarantees.