Jeremy Hunt’s Spring Budget has allocated hundreds of millions of pounds to a hub development project in one of London’s financial centres.
The Chancellor announced today that £242million would be provided for a new “levelling up” scheme targeting Canary Wharf, nearly doubling the local authority’s 2023 earnings.
The massive cash infusion has been set aside to build 8,000 new homes in the area and nearby Barking Riverside, a significant development in an already highly built-up area.
While locals will undoubtedly benefit, the decision has been immediately questioned by politicians across the country.
One said the move made a “mockery” of levelling up, and another added that it showed Westminster’s “priorities”.
Announcing the plans earlier this evening, Mr Hunt said the money and development would “transform Canary Wharf into a new hub for life science companies”.
But Britons weren’t impressed by this aspect of the Spring Budget, with both members of the public and national politicians left furious by the decision to funnel money into one of the capital’s financial hubs.
One social media said on X, formerly Twitter: “Canary wharf…they really needed levelling up?”
And another added: “Has anyone from London actually visited the North? We have pride in our towns, but compared to the wealth already in Canary Wharf, levelling up money would help our communities so much more.”
Another X user defended the decision as one that will help Canary Wharf continue to contribute to the UK’s economy.
They said: “Canary Wharf brings an insane amount of money to our economy. Stop the f***ing crying.”
They were backed by Jack Brown, a lecturer in London Studies at King’s College London, who said people would see the move as a “mockery of ‘levelling up'” the additional housing would help ease a “major driver of poverty”.
He said: “New housing is desperately needed in London – housing crisis a huge hindrance on economic growth AND a major driver of poverty and inequality here too.”
The cash infusion nearly doubles Canary Wharf Group’s total revenues for 2023, with the authority having taken in £249.8million last year.
Other levelling-up projects have been greenlit further north, in areas originally intended to benefit from the scheme, including Blackpool, Sheffield and Liverpool.
