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Housebuilders need to do more to unlock the untapped growth potential of cities across the UK, by developing more new homes in major urban areas, the CBI Director-General will say today (Thursday).
In a speech to the Birmingham Made Me design expo, John Cridland, CBI Director-General, will outline his vision of a new approach to regeneration which focuses on business growth and breaks the cycle of dependency on the public sector.
The CBI and the British Chambers of Commerce (BCC) want to see housebuilding at the heart of George Osborne's upcoming Budget. The CBI is calling for 50,000 new affordable homes to be built, while the BCC wants to see the government commit to 100,000 additional new homes, to help tackle the existing housing shortage, particularly in London.
Boosting the construction of new homes should be the main priority of George Osborne's forthcoming Budget, according to the CBI.
The business lobby group is urging the government to create tens of thousands more houses and flats, particularly affordable homes.
Chancellor George Osborne is planning to squeeze Whitehall current spending budgets again to raise an extra £5bn for capital projects, according to a leak to the press today ahead of tomorrow's Autumn spending statement.
The Chancellor will reportedly demand departmental savings of 1% next year and 2% in 2014/15 to raise extra cash for construction projects, including new homes.
The property industry has welcomed changes made to the National Planning Policy Framework (NPPF), published by the Planning Minister Greg Clark, which takes effect today.
Increasing the supply of much needed new homes is vital for growth in this country, John Cridland, director-general of the CBI employers' group, told business leaders last night.
In a speech to the CBI North-East Annual Dinner, Mr Cridland, said that boosting activity in the new homes and construction sector could be a major "game-changer" for growth.