I am delighted that the Government is introducing a new regulatory regime for high-rise buildings and for construction products that will drive regulatory, cultural and behavioural change. I completely agree that the property development industry must play its part in covering the cost of remediating unsafe cladding, and I am glad that the Building Safety Bill will help to ensure that the right people are held to account.
As I am sure you are aware, the Government has stepped in to support leaseholders with the cost of removing dangerous cladding where such work is necessary and proportionate, and where the building owner has not paid. A £5 billion investment has been made to fund the remediation of unsafe cladding for all leaseholders in residential buildings in England of eighteen metres and higher, which have been independently judged to be the highest risk. Rightly, it remains the case that building owners are expected to cover these costs wherever possible, not the leaseholder or taxpayer.
To ensure that the property development industry pays its fair share, the Building Safety Bill will introduce a building safety levy on future high-rise developments. This targeted levy will apply when developers seek permission to develop certain high-rise buildings in England. A consultation on the design of this levy has been launched, and I would encourage you to share your views by using the following link: https://www.gov.uk/government/consultations/the-building-safety-levy
On top of this, a new tax on property developers will be brought forward for the UK sector and is expected to raise £2 billion over a decade. It is reassuring that this tax will ensure that the largest property developers make a fair contribution to the remediation programme.
The Building Safety Bill will also give residents in high-rise buildings a greater say and toughen sanctions against those who threaten safety. Homeowners will have a clearer avenue to redress, with directors as well as companies liable for prosecution.
I am glad that the Government is bringing forward an entirely new world-class, proportionate building safety regime, which will ensure that people can be and feel safe in their homes.