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CML says Osborne has done little to support housing

The Council of Mortgage Lenders says the Budget will do little to improve what it predicts will be a “challenging” year for the housing market.

Chancellor George Osborne announced a £250m Government-backed shared equity scheme in association with homebuilders, providing borrowers with a low-cost loan covering up to 20 per cent of the mortgage.

Osborne set out a reform to stamp duty land tax for bulk purchases where the rate is calculated on the mean value of the dwelling rather than the average value.
He also extended the support for the mortgage interest scheme a further year to January 2012.

CML chief economist Bob Pannell says: “Chancellor Osborne has adhered closely to the fiscal script set out in his first Budget. The indirect tax announcements will mar- ginally soften the impact of significant fiscal cuts for household finance but do not alter our forecast of a challenging year for households and the housing market this year.”

London & Country head of communications David Hollingworth says: “None of these measures will change things overnight. It is a case of some help for some people.”



FSA insurance head Ken Hogg quits to join RGA

FSA insurance sector director Ken Hogg is leaving the regulator to join reinsurer RGA as chief actuary and financial officer for the UK, this week’s Money Marketing reveals. Hogg (pictured) will take up his role at RGA on June 1, and his last day at the FSA will be March 31. He joined the FSA […]

Osborne says industry wanted 10,000 newbuilds for FTBs

Chancellor George Osborne says he was advised by the industry against increasing the Government’s new first-time-buyer help beyond 10,000 homes. In last week’s Budget, Osborne unveiled plans to support FTBs moving into newbuild properties, with the Government and housebuilders stumping up a 20 per cent deposit in the form of low-interest loans. Mortgage brokers have […]

The Isa silly season

Isas are available throughout the year but many investors leave it to the last moment. So this week I thought I would give some thought to the so-called Isa season, particularly at a time of stockmarket volatility caused by geopolitical problems in Libya, continuing debt problems in Europe and the tragedy of the Japanese earthquake. […]

What can drive the India story forward?

By Kunal Desai, head of Indian equities, Neptune Since the election of Narendra Modi as prime minister in May 2014, Indian equities have gone on to outperform both developed and emerging markets. A busy period of governmental and economic reforms, a lower oil price and falling political risk have been the primary drivers over this […]


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