IMF is right to warn of the risks from an imbalanced housing market

The IMF is right to warn of the risks from an imbalanced housing market where housing demand is outstripping supply. But the Chancellor cannot simply pass the buck to the Bank of England, which has rightly said that it cannot build a single home.

We have repeatedly called for action on housing supply and a Help to Build scheme alongside a reformed Help to Buy. Unless George Osborne finally acts the danger is that the Bank of England will be forced to raise interest rates prematurely.

When even Ken Clarke admits most people aren’t feeling the recovery and with growth forecast to slow next year, the Chancellor’s claims that the economy is fixed are dangerously complacent.

We need to reform our economy for the long-term so we can earn our way to higher living standards for all, not just a few. Labour’s plan will get at least 200,000 homes built a year, set up a proper British Investment Bank to support business investment and expand free childcare to make work pay.

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Posted June 6th, 2014 by Ed

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