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Brown commits extra £1.4bn to housing

The Government has pledged to increase spending on housing by £1.4bn to £4.7bn in 2005 to tackle problems over supply and affordability although advisers say it may not have much impact on the overall market.

It says much of the increase is to deal with the severe difficulties in London and the South-east. This area will get additional investment in affordable housing for rent.

In this week&#39s spending review, Chancellor Gordon Brown also said there will be reforms intended to help key workers, such as teachers, find affordable housing through employer involvement and funding.

Halifax research shows that the average house price in Greater London is £195,391 while the average teacher&#39s salary is £29,020.

Independent mortgage consultant Mark Chilton says: “Funding for more accommodation for essential workers is unlikely to have a material impact on the property market itself in the South-east as it is dealing with a very specific segment of the population. If the Government wants to retain the housing stock for essential workers, the most sustainable way is building council houses but politically this will not happen. Instead, there will be increased subsidies to housing associations.”

Halifax group economist Martin Ellis says: “Hopefully, along with measures that the Government has already in place, a series of policy initiatives in the comprehensive spending review will go some way towards solving the problem.”


NU looks at active and passive WP

Norwich Union is considering offering both actively and passively managed with-profits.Sandler proposes restrictions on investment risk for a vanilla stakeholder product, which would operate under the price cap, and says active fund management is expensive and ineffectual.Proposals include the ring-fencing of with-profits for safe haven products, which the ind-ustry says could lead to more companies […]

Gartmore – Gartmore SICAV European Corporate Bond Fund

Wednesday, July 17, 2002Type: SicavAim: Growth by investing in high-grade European corporatebondsMinimum investment: Lump sum £2,500Place of registration: LuxemburgInvestment split: 100% in high-grade European corporate bondsIsa link: NoCharges: Initial 3%, annual 1%Commission: NoneTel: 0800 212433

Referrals will still be only to IFAs

Professional introducers such as accountants, solicitors and trade unions would still be obliged to refer business only to IFAs if Sandler&#39s vision of independence is accepted by the FSA.Sandler says the review team considered relaxing the regulations, which state that introducers may only refer business to IFAs, but decided against it.This means that IFAs who […]

Product matters

AMP NPI&#39s new range of single-charge individual and bulk S32 and S32A contracts alongside single-charge Cimps and group AVCs is a significant move to dominate the transfer and pension restructure market. The range can accommodate guaranteed minimum pensions and protected rights – a major advantage compared with some ranges.I also like its approach to breaking […]


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