Labour pledges extra £3bn to build 100 000 houses

Published:  01 October, 2012

MANCHESTER: Labour will use a £3bn windfall from the sale of the 4G mobile phone licences to directly fund the building of an extra 100,000 homes.

Shadow chancellor Ed Balls will today also reveal plans for a two-year stamp duty holiday for first time buyers to get the housing market moving again.

The proposed stimulus package shows there is now consensus among all political parties that 100,000 new homes are needed to tackle the deepening housing crisis.

While the government hopes to deliver the homes with £10bn of loan guarantees, Labour is banking on winning votes with a directly funded house building programme.

Balls will unveil his plans at Labour's party conference in Manchester under the slogan Rebuilding Britain.

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