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Miles is shunned while Barker is backed

The Miles report appears to have been sidelined in the Budget, which failed to announce a consultation into the recommendations made by Professor David Miles last week.

The only mention of the report in the Budget is an announcement that its recommendations will be “considered by the Government and the FSA”, in a move that some say is a clear snub to Miles&#39 look at the potential market for long-term fixed-rate mortgages.

Miles was given the task in last year&#39s Budget of finding a solution to the lack of take-up of long-term fixed-rate mortgages in the UK, which Chancellor Gordon Brown hoped would improve economic stability and perhaps help with entry to the euro at some point.

The report was largely welcomed by the industry because of its measured approach but some believe the lack of radical proposals could mean it has been sidelined, with many of its recommendations unlikely to see the light of day.

Brown&#39s response to the Barker review is significantly different – it has received considerable coverage and provoked two consultations into the development of real estate investment trusts in the UK and how the supply and affordability of housing can be improved.

Charcol senior technical manager Ray Boulger says: “This would suggest that Miles has been sidelined.”

Clearly Financial chief executive Mark Chilton says: “Miles appears to have been snubbed and I suspect that many of his proposals will not see the light of day.”

•Miles report, p10,12


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