The UK’s economic recovery is expected to be quicker than originally forecast, with the OBR predicting it will return to pre-COVID-19 levels at the turn of the year.

In today’s Autumn Budget 2021, billed as preparing the country for a post-Covid economy and 'age of optimism', Chancellor Rishi Sunak said growth is now forecast to be 6.5% this year, ahead of the previous forecast of 4%, followed by 6% next year. Inflation is expected to average more than 4% next year.

On the issue of housing, Sunak confirmed that £1.8bn will go towards building homes on derelict or unused land in England as part of the government's £24bn housing package.

Under the plans, 160,000 greener homes will be built on brownfield land, with combined authorities and councils receiving £300m to develop smaller brownfield sites for housing.

“£11.5bn is to be used to deliver up to 180,000 new affordable homes from 2021-22 onwards”, he added, representing the largest cash investment in a decade, of which 65% will be spent outside London.

The government has also introduced a new 95% mortgage guarantee to ensure that home ownership is affordable for all.

The National Living Wage will increase from £8.91 to £9.50 – a rise of 6.6%, Sunak also announced, and the Universal Credit taper rate cut is to be cut from 63% to 55% by no later than 1 December 2021.

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