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.
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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