Sir Keir Starmer s response
The Labour leader says even the Chancellor s film crew will struggle to put a positive spin on the current economic crisis facing the country, with unemployment set to rise to 6.5 per cent, the blame for which he lays at Mr Sunak s feet.
He also says there was nothing in the Budget to say how the government will fix social care.
Sir Keir says the Budget just papers over the cracks and does nothing to address the underlying issues of deep-seated insecutiyy and inequality .
13:34
Fancy buying your local?
Mr Sunak announces a new £150 million fund to help communities take ownership of pubs, theatres or sports clubs in their areas which could otherwise face closure.
| UPDATED: 14:52, Wed, Mar 3, 2021
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Mortgage schemes and property changes are on the horizon as Rishi Sunak continued to provide support in today s Budget. The Chancellor extended a number of coronavirus support measures and introduced new ones.
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Housing
Mr Sunak announced a mortgage guarantee scheme which is designed to help home buyers purchase properties worth up to £600,000 with a deposit of just five percent.
The Government will underwrite the remaining 95 percent.
Speaking from the House of Commons, he said: I’m pleased to say that several of the country’s largest lenders including Lloyds, NatWest, Santander, Barclays and HSBC will be offering these 95% mortgages from next month, and I know more, including Virgin Money will follow shortly after. A policy that gives people who can’t afford a big deposit the chance to buy their own home.
Labour leader Sir Keir Starmer has slammed the Chancellor’s announcement of a new Mortgage Guarantee Scheme insisting that the government should have instead built more council housing.
Today’s Budget saw the launch of the scheme provide a guarantee to lenders in order to bring back 95% LTV mortgages.
But Starmer says the scheme is ill-thought and reminds him of the earlier Help to Buy scheme launched by former Prime Minister David Cameron and then Chancellor George Osborne.
He said: “If the government was serious about fixing the housing market it would have announced plans for genuinely affordable council houses.