Outrage as Canary Wharf gets £242m for levelling up in the Budget

A general view of Canary Wharf, London.
A number of major banks have moved out of Canary Wharf recently. Credit: PA

MPs have expressed fury as the chancellor announced £242 million of levelling up funding for Canary Wharf in the Budget.

Jeremy Hunt outlined different pots of levelling up money his speech on Wednesday, including a £100 million devolution deal for the North East.

Liberal Democrat MP Tim Farron sarcastically wrote on X, "brilliant levelling up news for the rural left-behind Northern town of Canary Wharf...", and Westminster Leader of Plaid Cymru Liz Saville-Roberts said "Westminster's priorities are clear for all to see".

The chancellor said in his speech that the funding for Canary Wharf and Barking Riverside will "build nearly 8,0000 houses as well as transforming Canary Wharf into a new hub for life science companies."

Canary Wharf is the financial hub of the city and home to some of the world's biggest banks, but a number of major banks have left in recent months, including HSBC.

Levelling Up is the government's plan to "grow the economy, create jobs and support communities" - but the funding is often focused on the North of England, because of regional inequalities.

Jack Brown, lecturer in London Studies at King's College London welcomed the funding for housing in Canary Wharf and Barking

He wrote on X, "new housing is desperately needed in London - housing crisis is a huge hinderance on economic growth and a major driver of poverty and inequality here too."

Mr Hunt also announced £170 million for the Welsh government, and £100 million for Northern Ireland in the Budget.

On top of this he revealed devolution deals for Buckinghamshire, Warwickshire and Surrey, giving their local authorities more decision making power.

There was £100 million announced to "support cultural projects" in areas including High Peak, Dundee, Conwy, Erewash, Redditch and Coventry.

And £15 million in new funding to the West Midlands Combined Authority to "support culture, heritage and investment projects."

Last week there was also funding announced for Sheffield, Blackpool and Liverpool.

Are you set to benefit from the Chancellor's National Insurance cut?
Mr Hunt and PM Rishi Sunak have said their “long-term ambition” is to scrap national insurance entirely, but have not set a date for this. Credit: Paul Ellis/PA

Regional leaders expressed frustration late last year when the Department for Transport announced money from the Network North Project would be used to fix potholes in London.

The £235 million for London potholes came from extra investment for transport because of the scrapping of HS2.

Kim McGuiness, police and crime commissioner for Northumbria said on X after the announcement - "it's like a bad Christmas cracker joke", and that "they've given up on the North, haven't they?".

In his Spring Budget, the Chancellor also announced a 2p cut to National Insurance, a scrapping of the non-dom tax status, and an extension of the freeze on alcohol and fuel duty.

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