On 2 September 2008 we announced a £1 billion market rescue package to increase confidence, stability and fairness in the housing market. On 24 November we brought forward additional capital spending as part of the 2008 pre-Budget report fiscal stimulus. Considering together the September housing announcement and the pre-Budget report, we are making £350 million, £1,275 million and £55 million of capital available for expenditure in years 2008-09, 2009-10 and 2010-11 respectively. In addition, £95 million has been made available for 2009-10 and 2010-11 to support reforms to Support for Mortgage Interest announced in the September 2008 housing package. £25 million of the total £1,775 million package has been brought forward from 2009-10 and £1,750 million from 2010-11.
This includes the additional flexibility offered by the Government, at the pre-Budget-report, to the regional development agencies to bring forward £100 million of capital expenditure from financial year 2010-11 to 2009-10. Communities and Local Government and the Department for Business, Enterprise and Regulatory Reform are currently working closely with the regional development agencies to take this forward.
It also includes the flexibility offered by the Government to local authorities in England to bring forward up to £175 million of planned major housing repairs expenditure from 2010-11 to 2009-10. Communities and Local Government will invite local authorities in England to bring forward up to this amount to enable councils to invest in a way which will maximise investment in the housing stock in 2009-10.