INDUSTRY Prudential plans 1,000 new homes Prudential has held talks with the Treasury to increase the supply of social housing across the UK as part of the insurance industries £25bn commitment to back British infrastructure projects. Following conversations between Prudential CEO Tidjane Thiam and Chancellor George Osborne, Prudential is spearheading a £300m project to finance the construction of around 1,000 new homes. The insurer will provide £156m to 17 local housing associations in Wales, which will unlock a further £120m of publicly funded construction grants. Speaking at the World Economic Forum in Davos, Mr Thiam confirmed the investment: “The [Welsh] deal is a tangible sign of Prudential’s commitment to the long-term funding of the new housing and infrastructure we need to deliver sustainable economic growth for the UK.” Separately, the Sun reports that ministers claim a new scheme to boost homebuilding will support 165,000 jobs and plug vital gaps in the housing market. From tomorrow, housing associations and councils will be able to bid for Government funding, which it is hoped will eventually unlock £23bn of investment in house construction. The aim is to build 165,000 affordable homes and deliver a huge boom in one and two-bed starter properties.
Posted on: Sun, 26 Jan 2014 10:29:45 +0000