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UK must build 50,000 affordable homes – CBI and BCC demand fresh investment

CBI call on government to invest in low-cost housing

The Confederation of British Industry (CBI) has insisted that home building and infrastructure should be the priority for the Government with significant investment included in the upcoming Budget. The British Chamber of Commerce (BCC) joined in calls for further investment by demanding measures are put in place to build many more affordable homes. The lobby groups for business also insisted that if there is still no growth in the next six months then borrowing must be increased.

The CBI claimed that their plan to build 50,000 new homes would create 75,000 new jobs at a cost of £2.2 billion. On the other hand the BCC has called for 100,000 more new homes over three years, which would apparently cost £30 billion.

John Longworth, director general of the BCC, said: “If within the next six months there is no prospect of growth… you might have to consider actually borrowing more money but you should only do it to fund areas that the market would forgive.”

CBI director general John Cridland told the BBC the plan would address a range of problems: “We need Housing Associations to be freed up going forward to build the affordable housing needed.

“If we want nurses and firemen to be able to live in London we need to build these homes. You create construction jobs – and jobs for young people because these are entry level jobs – and you build confidence.”

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