Question to the Department for Levelling Up, Housing & Communities:

To ask the Secretary of State for Levelling Up, Housing and Communities, how much funding has been raised from building developers for cladding remediation work as at 13 June 2022.

On 13 April, the Government announced that residential developers had pledged to remediate life-critical fire safety defects in buildings over 11 metres that they played a role in developing or refurbishing over the past 30 years. Those developers also agreed to refund money paid out by existing taxpayer-funded remediation schemes to fix buildings that they originally developed, and that further funding from those schemes would not be used to fix buildings they had a role in developing, so that this money can be used to pay for fixing other buildings. Those commitments by the developers are estimated to be worth around £2 billion. As of 13 June, over 45 of the largest developers have signed the pledge and we are working to convert the pledges into legally binding contractual commitments.

In addition, the Government has committed to extend the building safety levy on industry in order to raise an estimated £3 billion to pay for remediating buildings for which the developer cannot be identified or held responsible. The Residential Property Tax which was announced at last year's budget and is a 4% tax on the largest most profitable developers, is expected to raise at least £2 billion over the next 10 years to help pay for building safety remediation

In total, this puts the expected funding raised over this period in the region of £7 billion, though this may increase.