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Tory group to call for repeal of mortgage regulation

The Conservatives’ Economic Competitiveness Group looks set to advocate the removal of mortgage regulation as part of its radical report aimed at cutting £14bn a year through deregulation.

The report, to be unveiled on Friday, will suggest there is no need to regulate mortgages as it is the lender not the customer who takes the risk, according to The Sunday Telegraph.

The Group, headed by right-wing Tory MP John Redwood, will also call for a number of other financial services regulations to be scrapped and suggest moving responsibility for overseeing commercial banks from the FSA to the Bank of England.

Shadow Chancellor George Osborne says he and leader David Cameron both back the report although the Party will pick and choose between individual policies.

Other policies to be included in the report are the scrapping of Home Information Packs, a simplified tax regime, repealing working time regulations and removing data protection laws.

It will advocate the restoration of the UK’s opt-out from the European Social Charter and propose legislation to disapply EU regulation if the Government thinks it is against the national interest.

It will suggest a Conservative Prime Minister appoints a deregulation minister to oversee a deregulation bill in the administration’s first year.

Labour has attacked the plans with Business, Enterprise and Regulatory Reform Secretary John Hutton saying the report moves the Tories further to the right than the Party was under William Hague and Michael Howard.

LibDem Shadow Chancellor Vince Cable says: “The Tories once again claim to be able to cut taxes while pretending that no-one will have to pay, showing that these plans are as spurious as the last”.

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