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Labour attacks 'skyrocketing' rent rises Labour attacks 'skyrocketing' rent rises
(about 2 hours later)
Councils would be given the power to limit "skyrocketing" rent increases under new Labour proposals.Councils would be given the power to limit "skyrocketing" rent increases under new Labour proposals.
Shadow chancellor John McDonnell will pledge to help people who are "at the mercy of an unforgiving, unrestrained housing market". Shadow chancellor John McDonnell pledged to help people who are "at the mercy of an unforgiving, unrestrained housing market and landlords".
Labour is holding a "state of the economy" conference in London over the weekend. He was setting out Labour's approach on the economy at a conference hosted by the party in London.
The government said the "proposals for excessive state regulation" would "destroy investment in new housing".The government said the "proposals for excessive state regulation" would "destroy investment in new housing".
Labour leader Jeremy Corbyn will say at the conference that Labour will "always seek to distribute the rewards of growth more fairly".Labour leader Jeremy Corbyn will say at the conference that Labour will "always seek to distribute the rewards of growth more fairly".
Mr Corbyn will pledge to break with what he calls "failed economic orthodoxy" and say Labour's proposed National Investment Bank will boost the UK's infrastructure.Mr Corbyn will pledge to break with what he calls "failed economic orthodoxy" and say Labour's proposed National Investment Bank will boost the UK's infrastructure.
In his speech, Mr McDonnell also announced reviews by Labour into the workings of the Treasury, HM Revenue & Customs and the remit of the Bank of England's monetary policy committee.
Council-backed mortgages
The measures put forward at the conference will be subject to consultation, and will not immediately become party policy.The measures put forward at the conference will be subject to consultation, and will not immediately become party policy.
They include powers to regulate private rent rises, similar to those pledged by Ed Miliband in Labour's unsuccessful general election campaign, below the rate of inflation for the duration of a tenancy.They include powers to regulate private rent rises, similar to those pledged by Ed Miliband in Labour's unsuccessful general election campaign, below the rate of inflation for the duration of a tenancy.
Critics previously said Labour's pre-election proposals would reduce investment in housing stock.Critics previously said Labour's pre-election proposals would reduce investment in housing stock.
Council-backed mortgages
The "local rent regulation" suggested by Mr McDonnell would be available to councils in each area, rather than set nationally.The "local rent regulation" suggested by Mr McDonnell would be available to councils in each area, rather than set nationally.
The National Landlords Association welcomed Labour's focus on making housing more affordable but warned the party not to "pull the rug from under the feet of responsible landlords". The National Landlords Association welcomed Labour's focus on making housing more affordable but warned the party not to "pull the rug from under the feet of responsible landlords", while new Labour mayor of London, Sadiq Khan, told the BBC he did not favour rent controls in the capital.
New Labour mayor of London, Sadiq Khan, told the BBC he did not favour rent controls in the capital. Mr McDonnell said there would be a new "forum" for elected mayors who are in charge of cities across the country.
Mr McDonnell will also propose a new "forum" for elected mayors who are in charge of cities across the country. "For the first time, national economic policy making will be influenced directly by local decision makers representing their metropolises and their local communities," he told the conference.
It will look for solutions to the "housing crisis" with Labour favouring an extension of local authority-guaranteed mortgages, he will say. The forum will look for solutions to the "housing crisis" with Labour favouring an extension of local authority-guaranteed mortgages.
He will say he wants to see more local authorities follow the examples of Manchester, Warrington and Sandwell by "offering cheap, local authority-backed mortgages to first-time buyers in particular". Mr McDonnell said he wanted to see more local authorities following the examples of Manchester, Warrington and Sandwell by "offering cheap, local authority-backed mortgages to first-time buyers in particular".
A Department for Communities and Local Government spokeswoman said the government was "creating a bigger and better private rented sector".A Department for Communities and Local Government spokeswoman said the government was "creating a bigger and better private rented sector".
She added: "The vast majority of tenants across the country are seeing their rents remain stable, and are happy with the service they receive from landlords.She added: "The vast majority of tenants across the country are seeing their rents remain stable, and are happy with the service they receive from landlords.
"These proposals for excessive state regulation would destroy investment in new housing, push up prices and make it far harder for people to find a flat or house to rent.""These proposals for excessive state regulation would destroy investment in new housing, push up prices and make it far harder for people to find a flat or house to rent."