Housing riding high in Brown&’s Budget

May 1, 2003
The Treasury&amp;’s increasing interest in the housing market has been dramatically underlined by Chancellor Gordon Brown&amp;’s Budget announcement of three housing-related industry reviews.<p></p><p>In the clearest indication yet that the Chancellor and his team now recognise the threat to economic growth posed by the UK&amp;’s housing crisis, Brown dedicated a considerable slice of his most important annual pronouncement to the housebuilding industry.</p><p>At the same time Deputy Prime Minister John Prescott has reaffirmed his determination to take action against local authorities that are not delivering on housing targets and is considering making local housing plans legally binding.</p><p>The three reviews announced by Brown will:</p><p>consider the issues affecting the supply of housing. This will be conducted by Kate Barker, formerly chief economist at the CBI and an independent member of the Bank of England&amp;’s Monetary Policy Committeelook at the reasons for the low take-up of fixed-rate mortgages in the UK. This will be undertaken by Professor David Miles of Imperial College, Londonproduce a strategy to re-think the skills needed by the built environment professions to deliver the Communities Plan. This will be led by Sir John Egan.</p><p>The Barker review will be the most important for the private housebuilding industry and will focus on:</p><p> - …

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