Bank of England should review details of second phase of Help to Buy now before it goes ahead

Ed Balls MP, Labour’s Shadow Chancellor, responding to reports that the Bank of England will be asked to review the Help to Buy scheme, said:

“Instead of waiting a year, the Bank of England should review the details of the second phase of Help to Buy now before it goes ahead.

“For instance, it’s totally ill-thought through for George Osborne to decide that a scheme which should be about helping first time buyers will allow taxpayer backed mortgages for homes worth up to £600,000.

“And George Osborne is still failing to address the fundamental problem of the lowest level of house building since the 1920s. You can’t deal with the cost of living crisis without building more homes.

“Rising demand for housing must be matched with rising supply. Unless George Osborne acts now to build more affordable homes, as Labour has urged, then he risks making it even harder for first time buyers to get on the housing ladder. It’s no wonder that for millions of families this is no recovery at all.”

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Posted September 27th, 2013 by Ed's team