Controversial 95 per cent mortgages are not ‘weapons of financial mass destruction’ and their lack of availability remains a social problem, George Osborne said yesterday.
Despite concern from some experts about a new boom in house prices, the Chancellor hinted that the Government plans to do more to use state guarantees to increase the number of mortgage deals available.
He said he understood that ‘every penny counts’ – which some saw as the Chancellor adapting the Morrisons supermarket slogan ‘every penny matters’ to make his point – and said he aimed to do more to help with the costs of housing, energy bills, road and rail travel.
Until 2008 the UK had got used to our economy doubling in size every 25 years, but unless action is taken it will now only double in size every 70 years, according to the Institute of Economic Affairs.
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