Jeremy Corbyn ‘would build 1m new homes’ in five years of Labour
And this is almost Ritchie like, isn’t it?
A Labour government run by Jeremy Corbyn would borrow £15bn a year to build houses across the country – half of them council homes – as part of a £500bn programme of public investment, new policy papers have revealed.
It would aim to build one million homes during a five-year parliament and guarantee housing tenants – especially those in the private sector – new safeguards, including secure three-year contracts and protection from “unreasonable rent increases”.
Despite the huge sums, Corbyn’s team insists that government borrowing will be “highly efficient” and a good deal for taxpayers because of the boost to the economy from construction, job creation and rental income.
The documents, released by the Corbyn campaign as it seeks to fend off the challenge to his leadership by Owen Smith, say that the net cost to the public sector will be £10bn a year, because two thirds of the construction bill would be labour costs, meaning extra tax revenues for the Treasury.
Govt spends £100 billion a year, net cost £10 billion a year. So, err, marginal tax rates on labour are 90% these days, are they?
If anyone can find this document it would be interesting to see how they’re going to do this in more detail.