Sunak outlines £3bn green investment package

By Laura Sharman | 08 July 2020

Chancellor Rishi Sunak has announced £1bn will be made available to improve the energy efficiency of public buildings, including schools and hospitals.

The £3bn green investment package also includes a £2bn Green Homes Grant scheme to pay for energy improvements such as insulation for more than 600,000 homes.

The grants will cover at least two-thirds of the cost of energy improvements, saving families £300 a year on energy bills. However, he added that low-income households will be able to claim up to £10,000 to cover the full cost of measures.

Mr Sunak said the new funding will support up to 140,000 green jobs and help meet the Government’s Net Zero ambition by 2050.

Stamp duty has also been cut until April 2021 on homes up to £500,000, meaning nine out of ten buyers will pay no stamp duty on their purchase.

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