George Osborne’s economic justification for his Help to Buy programme was contradicted by the Treasury’s own internal analysis. [TICON-A VIDEO] The Chancellor has repeatedly defended the housing finance-support scheme by arguing it will stimulate more housing construction. Under “part one” of the scheme, the Government lends housebuyers up to 20 per cent of the value of new-build properties. This means buyers only need to find deposits of around 5 per cent of the purchase price. Last September, the Chancellor claimed Help to Buy “is driving a big increase in house building, boosting the construction industry and increasing housing supply”. But Treasury advice from two years ago, when the...
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