News Column

PRESS: Labour Outlines Plans For 'Help To Build' Scheme - FT

July 28, 2014

Hana Stewart-Smith

LONDON (Alliance News) - The Labour Party has set out plans to revive small house builders in Britain by underwriting bank loans in the same way that the UK government's 'Help to Buy' scheme guarantees mortgages, the Financial Times reported Monday.

Shadow Chief Secretary to the Treasury Chris Leslie said Monday that a Labour government would tackle Britain's housing shortage by giving state guarantees for lending to small- and mid-sized construction firms to support the building of 10,000 homes a year.

Labour did not provide details on the amount it would guarantee under its 'Help to Build' scheme, or the caps on the amount of finance available for each development or company.

Like 'Help to Buy', banks would pool all loans they want guarantees and pay a fee. Small and medium enterprises would still be subject to credit checks.

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Source: Alliance News

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