The decision to remove unsafe aluminium composite material (ACM) cladding comes as a result of private building owners failing to take action and trying to offload costs on to leaseholders.
“It is of paramount importance that everybody is able to feel and be safe in their homes,” said Theresa May.
“That’s why we asked building owners in the private sector to take action and make sure appropriate safety measures were in place.
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“And we’ve seen a number of private building owners doing the right thing and taking responsibility, but unfortunately too many are continuing to pass on the costs of removal and replacement to leaseholders.
“Today, I can confirm we will now be fully funding the replacement of cladding on high-rise private residential buildings so residents can feel confident they are secure in their homes.”
James Brokenshire MP, communities secretary, added: “While some building owners have been swift to act, and I thank them for doing the right thing, I am now calling time on the delay tactics of others.
“If these reckless building owners won’t act, the government will.”