Emergency Budget 2010 Summary

The Housing Minister Grant Shapps kicked off the Emergency Budget frenzy within factions of the housing industry at lunch time today when he announced on Twitter that he was "heading into House of Commons chamber so that we [the government] can start to sort out the historic mess Labour left the country in".

An hour later and the Chancellor George Osborne unveiled the largest package of tax increases and spending cuts in a generation, including a VAT hike from 17.5% to 20% in January.

Budget measures included, a VAT increase, public sector pay freeze, a freeze in child benefit, housing benefit cuts, disability living allowance cuts, a tax cut for the lowest paid, a two year council tax freeze, capital gains tax increased to 28% for top rate taxpayers, a levy on banks and a NI tax holiday for job creation outside South-East of England.

Osbourne said that the Emergency Budget was "tough but fair". He's vowed to simplify planning laws, to scrap Regional Development Agencies, and to introduce a new Regional Growth Fund for England in 2011-12 and 2012-13 to support employment and economic growth. He also confirmed the upgrade of the Tyne & Wear Metro, the extension of the Manchester Metrolink, the redevelopment of Birmingham New Street station, and promised to publish a national infrastructure plan in the autumn.

Acting Labour leader Harriet Harman said that the Budget was "reckless", would "throw people out of work", stifle growth and hit hardest "those who can least afford it".

But what does the housing industry think of today's Budget announcements?