Budget 2024: Eoghan
O’Lionaird, CEO,
welcomes investment into affordable housing, improved schools, and
decarbonising homes, to support thriving communities

We are pleased to see announcements in today’s Budget that outline positive steps to ensure our nation’s homes are fit for the future.
 
The confirmation that £3.4bn will be spent over the next three years through the Warm Homes Plan is welcome news. As an organisation we are under no illusion that this country faces a vast decarbonisation challenge. With our own commitment to net zero by 2045 front of mind, this is a challenge we are committed to addressing without fail as we continue our work to retrofit homes across the nation to improve energy efficiency.
 
At Wates, our purpose is to reimagine places for people to thrive. We know that in our country there is persistent demand for high quality, affordable housing, and consequently the additional £500 million for the Affordable Homes Programme will help build thousands of new homes for families and individuals who need them most.
 
Furthermore, the proposed consultation on a five-year rent settlement for social housing is another positive step, providing clarity and stability for both developers and housing associations. Certainty on rents is vital for encouraging long-term investment in new social housing projects, allowing us to plan ahead with confidence and deliver at scale. We are further encouraged by the Government’s consideration of options such as a potential 10-year rent settlement, which would set an even stronger foundation for sustained investment.
 
In addition to these positive moves to address the UK’s housing crisis, we were also pleased to see the commitment to a 10-year infrastructure roadmap set out today, which we know will play a crucial role in unlocking Government projects for years to come. As one of the UK’s leading school builders, we were also encouraged by the Government’s significant £1.4bn boost in funding to rebuild schools across the country.
 
We stand ready to turn these commitments into action and look forward to continuing to work as a strategic partner to Government to ensure we deliver on the promise of creating thriving communities up and down the country.

Eoghan O’Lionaird

Chief Executive Officer, Wates Group