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U.K. Tells Developers to Pay Into $5.4 Billion Cladding Fund (2)

Jan. 10, 2022, 5:09 PM

U.K. property developers must contribute to a 4 billion-pound-fund ($5.4 billion) to fix dangerous cladding on low-rise apartment blocks by March or face new regulations that would force them to pay, Housing Secretary Michael Gove said.

Gove said it was “morally wrong” that homeowners were still trapped in unsafe and unsellable apartments more than four years after the fire at Grenfell Tower in London, in which flammable cladding materials contributed to the deaths of 72 people.

“To those who missold dangerous products like cladding or insulation, to those who cut corners to save cash as they developed or refurbished people’s ...