HCA budget cut by 10%
Bidders with stalled housing schemes in the North West were today left wondering if they will receive any gap-funding from the Homes & Communities Agency after the quango was hit in yesterday's spending cuts.
The HCA budget for this year will be reduced by an extra £220m on top of the £230m of immediate cuts announced on 25 May. A spokeswoman for the HCA said the £450m reduction equated to around 10% of the national budget in the current fiscal year.
The cuts were part of the £1.5bn of savings announced by the Treasury yesterday, including the freeze on the BSF pipeline for future projects not yet signed off.
The Homes and Communities Agency invested £617m in the North West during 2009/10.
A statement with details of affected schemes is expected from the HCA later today.
