This article was last updated on April 16, 2022
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Shadow chancellor, Ed Balls has called for the 4G phone license sale to be used to pay for 100,000 new affordable homes at the Labour Party conference in Manchester and told that he has a “clear and costed programme” to kick start the economy and get the country back to track.
Mr. Balls has also announced that Olympics chief, Sir John Armitt will be working with the party. He has also estimated that the housing growth that had shrunk by ten percent in the first half of this year will be stimulated by a £3bn injection of funds coming from the sale of the mobile spectrum. The further plan is to use £2.5bn of the money raised to construct affordable homes, while £500m would be allocated to a two-year stamp duty holiday for first time buyers on properties worth up to £250,000.
Stamp duty is set at one percent for homes ranging between £125,000 and £250,000, and they can add up to £2,500 to the cost of buying a modest first home. For homes up to £500,000, the rate is a yet more set at a level not lower than three percent.
Mr. Balls ha stated at the conference: ‘In the good times, Labour used every penny of the £22billion from the sale of the 3G licences to pay off national debt. But in difficult times, we urgently need to put something back into the economy.’
This idea has been strongly welcome by the construction industry and housing charities as it would help to break down the home ownership barriers.
CBI director general, John Cridland has also greeted this effort for housing investment and also asked to monitor the investment to help in deficit reduction.
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