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RIBA president Muyiwa Oki has dubbed chancellor Jeremy Hunt鈥檚 Spring Budget a 鈥渕issed opportunity鈥� for the built environment and described the funding announced for new homes as a 鈥渄rop in the ocean鈥�.

Hunt this afternoon took more than an hour to deliver what is widely expected to be his last budget before the next general election to a highly-charged House of Commons.

The chancellor鈥檚 spending plans included more than 拢240m to build nearly 8,000 homes in east London 鈥� at Barking Riverside and Canary Wharf, alongside a new life sciences hub. 

Hunt also announced a 拢20m investment in social finance to build up to 3,000 community-led homes and 拢4m for the Euston Housing Delivery Group to support plans to deliver up to 10,000 new homes around the HS2 terminus.

However Oki said the budget was focused on the looming general election and household budgets, rather than the longer-term challenges facing the nation.

鈥淭he government has lost sight of the bigger picture and missed a key moment to improve our buildings 鈥� especially our homes,鈥� he said. 鈥淎 weak economy, housing crisis and climate emergency demand urgent attention.

鈥淢illions of substandard, ageing homes are leaking energy and money. The government must bring forward a National Retrofit Strategy 鈥� a well-funded programme to boost the green economy, cut emissions and lower people鈥檚 energy bills.

鈥淭oday鈥檚 investment in new housing is welcome, but it鈥檚 a drop in the ocean compared to what is needed. Without more support, we will fail to deliver the number of high-quality, sustainable homes and places the country needs.

鈥淎 simplified, well-resourced planning system will not only address housing challenges, but boost sustainable development, grow the economy, and make people healthier and happier. It鈥檚 essential and long overdue.鈥�