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UK 'should build 50,000 new cheap homes' Budget 2013: UK 'should build 50,000 new cheap homes'
(about 9 hours later)
Boosting homebuilding should be the main goal of George Osborne's forthcoming Budget, according to the business lobby group, the CBI.Boosting homebuilding should be the main goal of George Osborne's forthcoming Budget, according to the business lobby group, the CBI.
It said that 50,000 new affordable homes should be built at a cost of £1.25bn, which would create 75,000 jobs. It said that 50,000 new affordable homes should be built at a cost of £1.25bn, that would create 75,000 jobs.
Business lobby groups, including the British Chambers of Commerce and the manufacturers' group the EEF also made their Budget suggestions on Monday.
All want help to kickstart building of housing or infrastructure or both.
The BCC would like the government to support building of 100,000 new homes by 2015. It said its plan would cost almost £30bn over three years.
Although all three organisations say the government should stick to its plans to cut borrowing and reduce the deficit, the BCC went further than most saying that if there was no sign of improvement in the economy within six months, it should consider borrowing more.
John Longworth, director general of the BCC, said: "If within the next six months there is no prospect of growth... you might have to consider actually borrowing more money but you should only do it to fund areas that the market would forgive."
'Nurses and firemen'
The CBI, which also wants more investment in roads and infrastructure and a cap on business rates, said its plans would cost about £2.2bn.
The business group said that the money could be found from savings within government departments as well as sales of land and property, and insisted there would be no need for further borrowing.
Tax incentives should be provided to encourage the refurbishment of existing properties, the CBI added.Tax incentives should be provided to encourage the refurbishment of existing properties, the CBI added.
The lobby also wants more investment in roads and infrastructure. CBI director general John Cridland told the BBC the plan would address a range of problems: "We need Housing Associations to be freed up going forward to build the affordable housing needed.
It said the total cost of its plans, which also include capping business rates at 2%, would be about £2.2bn. "If we want nurses and firemen to be able to live in London we need to build these homes. You create construction jobs - and jobs for young people because these are entry level jobs - and you build confidence."
It said that the money could be found from savings within government departments as well as sales of land and property, and insisted there would be no need for further borrowing. He said the government should stick to its fiscal plan, but that these measures were also needed to boost the housing market and would benefit first-time buyers, those trapped in negative equity and those looking to refurbish their homes.
CBI director-general John Cridland said: "The government must stick to its fiscal plan but now is the time to kick-start confidence.
"Our measures will provide another boost for the housing market and will benefit first-time buyers, those trapped in negative equity and those looking to refurbish their homes."
The call comes after the CBI said last month that the UK would avoid falling into a so-called triple-dip recession.The call comes after the CBI said last month that the UK would avoid falling into a so-called triple-dip recession.
The group believes that the UK economy will grow 0.3% in the first quarter of the year, after the economy shrank in the last quarter of 2012 - the first period in what some feared might be another six months of negative growth.The group believes that the UK economy will grow 0.3% in the first quarter of the year, after the economy shrank in the last quarter of 2012 - the first period in what some feared might be another six months of negative growth.
On Monday, another business group, the British Chambers of Commerce, echoed the CBI's call for more investment in housing and infrastructure, and said it was necessary even if it meant further cuts to welfare benefits.
Mr Osborne announces the Budget on 20 March.Mr Osborne announces the Budget on 20 March.