The Hertfordshire Growth Board reacts to government’s 2024 budget announcements, which reflect a commitment to long term growth for the country and tackling immediate spend pressures. HGB are encouraged by the increased funding for affordable homes projects, healthcare provision and a refreshed industrial strategy.
Yesterday Chancellor Rachel Reeves delivered her first budget setting out Government’s plans for investing in the foundations of future growth. Key announcements include an extra £500m in new funding for the Affordable Homes Programme, additional funding for the NHS, boosting investment in science and technology, transitioning to clean energy, and upgrading infrastructure, as well as £240 million in funding to help people back into work.
Measures announced yesterday will further support HGB’s Vision and Missions for a world-class economy, building the right homes in the right places, tackling homelessness/ temporary accommodation challenges, and a healthier, more sustainable county. Hertfordshire is an economic powerhouse with high growth sectors in advanced manufacturing, creative industries, digital, life sciences as well as professional business services collectively providing significant contribution to the national economy as well as thousands of quality local jobs.
The county is also leading the way in delivering thousands of quality new homes in the right places. In Hertfordshire, we pioneered the first garden cities and new towns and have committed to building an additional 100,000 homes over the next 15-20 years. This includes two new towns – Harlow Gilston Garden Town and Hemel Garden Communities – each delivering over 10,000 homes and inclusive, integrated communities with better access to nature, green spaces, and self-sustaining economies.
We look forward to working with Government to deliver the right homes in the right places for the benefit of our communities and drive long-term economic prosperity so that everyone in Hertfordshire can thrive.
Hertfordshire’s response:
Cllr Jeremy Newmark, Chair of HGB and Leader of Hertsmere Borough Council said “Yesterday’s budget is welcome news. As an economic powerhouse, Hertfordshire is critical to the Government’s plan to power up Britain. Film and creative industries, pharmaceutical manufacturing and life sciences are local sectoral strengths, with 70,000 businesses and clusters to sustain and grow. Hertfordshire stands ready to engage with ministers and partner with government to deliver local growth to boost productivity and ensure that all communities benefit from improved living standards.”
Cllr Richard Henry, Vice Chair of HGB and Leader of Stevenage Borough Council said “I am delighted to see the much-needed cash injection to top up the Government’s Affordable Homes Programme. Across the county, we are building the right homes in the right places with the highest number of new homes built since 2001 and a planning application approval rate of 84%. In Stevenage we are delivering thousands of new quality, affordable and social homes and this will further help to support our ambitions.”
Mayor Peter Taylor, Vice Chair of HGB and Elected Mayor of Watford said “A key priority in yesterday’s budget is to secure the growth of our key sectors – many of which we have here in Hertfordshire. I’m pleased to hear Government will continue to support Levelling Up Funds. Our town centres and smaller businesses are essential to our local economies and must continue to thrive so that no community is left behind.”