The budget delivered by UK Chancellor of the Exchequer Rachel Reeves could spur greater investment in North West England, McGuireWoods London partner Callum Hassall said in an Oct. 30, 2024, story in Place North West, which covers the region’s real estate industry.
The story quoted industry stakeholders on the budget’s implications for housing, construction, transportation and taxes. The budget includes a pledge to spend £5 billion on housing, including increasing the supply of affordable housing, Place North West reported.
Hassall, who leads McGuireWoods’ London real estate team, said: “Though the ‘levelling up’ rhetoric – a key phrase of the previous government – has been dropped by Labour, it is clear that today’s budget seeks to mark a step change for the regions and the North. Reeves’ commitment to boost local government funding from next year (with Greater Manchester as one of the first recipients) demonstrates a desire to strengthen local areas and empower them to take the reins on funding local initiatives.
“Couple this with the specific funding commitments on housing in Liverpool and rail improvement works between the likes of Wigan, Bolton, Manchester and Leeds, there’s a lot for the North to remain positive about,” Hassall added. “Of course, the proof is in the property pudding but the choices made today lay the foundations to galvanise the North as a place to ‘invest, invest, invest’.”