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Budget 2013: UK 'should build 50,000 new cheap homes' Budget 2013: UK government should build more homes
(35 minutes later)
Boosting homebuilding should be the main goal of George Osborne's forthcoming Budget, according to the business lobby group, the CBI. Boosting homebuilding and infrastructure spending should be the main goal of the forthcoming Budget, according to the business lobby groups.
It said that 50,000 new affordable homes should be built at a cost of £1.25bn, that would create 75,000 jobs. href="http://www.cbi.org.uk/media-centre/press-releases/2013/03/budget-2013-cbi-calls-for-another-boost-for-the-housing-market/" >The CBI and the British Chambers of Commerce (BCC) want tens of thousands of new homes built to create new jobs and provide affordable homes.
Business lobby groups, including the British Chambers of Commerce and the manufacturers' group the EEF also made their Budget suggestions on Monday. But they say that the government should stick to its plans to cut borrowing.
All want help to kickstart building of housing or infrastructure or both. However, the BCC says that the government should borrow more if there is no growth in six months.
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. The CBI wants to see 50,000 new affordable homes and says its plans would cost about £2.2bn and create 75,000 jobs.
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. The BCC, which is calling for 100,000 new homes to be built said its plan would cost almost £30bn over three years.
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."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''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 CBI also wants more investment in roads and infrastructure and a cap on business rates.
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.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.
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.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.
"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.""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."
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.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.
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.
Mr Osborne announces the Budget on 20 March. Chancellor George Osborne announces the Budget on 20 March.