"Those poor bankers!": Canary Wharf allocated "leveling up" fund of £242M for extra housing in Jeremy Hunt's budget outrages netizens

UK Chancellor of the Exchequer Jeremy Hunt sparked outrage after unveiling a leveling up fund of £242 million for extra housing in Canary Wharf as part of his Spring Budget. On March 6, he announced that London's financial hub is all set to get a makeover with a new budget, as he proposes to build up to 8,000 homes in Barking Riverside and Canary Wharf.

His new Spring Budget allotment of £242 million for the area was not received well by MPs and the general public. Netizens on social media have expressed their distaste for one of the richest parts of London receiving more funds, with one user sarcastically posting:

"Those poor bankers!"

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Jeremy Hunt's new levelling up scheme for Canary Wharf sparks outrage

According to ITV, Canary Wharf is the financial centre in London and is home to some of the world's biggest banks, including HSBC, which recently caused waves after ending its lease on the docklands hub. This, coupled with the recent phenomenon of remote working due to the pandemic, has left the area less than desirable for an economic boost.

So, Jeremy Hunt's proposed budget factored in a way to use £242 million to convert Canary Wharf into a new hub by building more than 8,000 homes for young people to invest in.

However, this move was met with immense backlash online by several who accused the government of supporting regional inequality and financially propping up an already affluent area.

Several MPs have also spoken up against Hunt's new budget for the financial hub. Tim Farron, former Lib Dem leader, sardonically posted on X:

“Brilliant levelling up news for the rural left behind northern town of Canary Wharf”.

According to GB News, Liz Savile-Roberts, a Welsh MP, claimed that the new budget made sure that Westminster's priorities were "clear for all to see."

Abi O'Connor, a levelling up researcher at the New Economics Foundation (NEF) called the new budget a "piecemeal funding pot", saying:

“They’ve yet again offered these piecemeal funding pots that make our poorest communities compete against each other for scraps."

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Jeremy Hub claimed leveling up fund will transform Canary Wharf into a "new hub for life science companies"

While unveiling the new Spring Budget on March 6, Jeremy Hunt claimed that the new leveling up fund will transform the area into a "new hub for life science companies."

Karim Fatehi MBE, chief executive of the London Chamber of Commerce and Industry (LCCI), claimed that Hunt's budget would improve economic productivity and boost affordable housing.

“We are pleased to see the Chancellor’s plans for a life sciences centre at Canary Wharf and agree with the Chancellor’s general sentiment that both productivity in our economy and provision of affordable housing must improve.”

According to ITV, Leveling Up was a government scheme to "grow the economy, create jobs and support communities." Hunt has also proposed a shared £100 million leveling up fund to "support cultural projects" in several areas, including High Peak, Dundee, Conwy, Erewash, Redditch and Coventry.

He has also announced £170 million for the Welsh government and £100 million for Northern Ireland in the Budget.