Saturday, Apr 04, 2015

Future Homes Farrago

Yahoo: More vapid political promises

"The Labour Party says it would ensure that savers' money in these accounts was used by the banks to invest in house building.
A spokesman said: "We are quite literally building on their policy."
It will be a key part of Labour's plan to raise construction levels of homes to 200,000 a year by 2020.
The estimated fund does not cover the entire cost of Labour's plan.
But in a speech in Warrington on Saturday, Ed Miliband will describe the idea as "a foundation stone for building a country where working people can succeed".
Gosh that Ed Miliband is an awfully bright chap. Foundation stone, literally building on... such subtly brilliant rhetoric, such vaguely inspirational fluff.

Posted by debtserf @ 09:48 AM (4202 views)
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4 Comments

1. reticent said...

Seems like a good idea to me. The only issue is that banks loan books are fungible and, as with FLS, the banks can just ensure they loan £5bn less to construction elsewhere, bringing the net impact of this policy to zero.

Should've set up a state bank that would actually do what the government told it to when they had the chance. If they had, investment would have picked up a lot sooner and they'd have probably privatised it by now. Instead, they chose to prop up the zombie banks, then tried to direct lending them from without. Shock horror: the banks only lent to rent extractors and speculators (e.g. BTL landlords), stoking asset prices further but contributing zilch to productivity growth.

Saturday, April 4, 2015 11:47AM Report Comment
 

2. enuii said...

Once every five years you have a chance to vote for a new front to the government PR machine, if you honestly think that voting for Labour will result in anything other than a trivial difference I wish you well.

Saturday, April 4, 2015 12:53PM Report Comment
 

3. letthemfall said...

A different govt may not make a huge difference - the vested interests will see to that - but on the other hand you won't see any change sticking with the Cons.

Saturday, April 4, 2015 03:28PM Report Comment
 

4. Son Of Taeper said...

I guess the spokesman was saying "no change" then.
Labour had years to get things right and what did they come up up with?

Sunday, April 5, 2015 04:20PM Report Comment
 

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