Labour Shadow chancellor Ed Balls will today propose using the proceeds from the £4bn sale of 4G mobile phone licenses to pay for 100,000 affordable homes and a tax break for first-time buyers.
Addressing the Labour party conference in Manchester today, Balls will say the £3bn – £4bn expected to be raised from the sale of the licenses next year should be used to fund a £500m, two-year stamp duty holiday on houses sold for up to £250,000.
The 4G money would also be used to boost the provision of shared ownership, affordable rent and social rent homes under Labour’s plans.
Balls (pictured) will say: “With this one-off windfall from the sale of the 4G spectrum, let’s cut through the dither and rhetoric and actually do something. Not more talk, but action right now.
“Let’s commit that money from the 4G sale and build over the next two years 100,000 new homes – affordable homes to rent and to buy – creating hundreds of thousands of jobs and getting the construction industry moving again.
“Add to that a stamp duty holiday for first-time buyers, and we can deliver real help for people aspiring to get on the property ladder. A clear and costed plan to kick-start the economy and get people back to work. Building the homes that we need now and for the long-term. A vital step forward in renewing Britain’s long-term infrastructure. Building our way out of recession and re-building Britain for the future.”