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Property obsession must end

LibDem Treasury spokesman Lord Oakeshott has attacked the British obsession with owning property and called for investment in social housing.

Labour Treasury select committee member Andy Love said he was disappointed not to see a more significant announcement in the Budget to boost affordable rented accommodation .

Lord Oakeshott said: “Housing associations were encouraged to go into very dangerous joint ventures, in many cases, with the private sector and a lot of them are in a mess. There is a structural problem there.

“We think the Government must be bolder and land is virtually free at the moment. It is a major opportunity that is not being grasped.”

But Tory MP Richard Spring said: “Unless people are comfortable and feel satisfied about what is going on in the housing market, there will be no economic recovery in this country. It is not going to be done by social housing.”

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