MPs have said that a government scheme to kick-start the UK mortgage market is not working.
The £50 billion asset-backed guarantee scheme (ABS) was "doomed to fail", according to the Communities and Local Government (CLG) Committee, reports The BBC. Further steps must be taken to boost mortgage lending if the housing market is to recover, it added. The committee's report also called for skills and capacity in the UK construction sector to be protected. It took ten years to rebuild capacity in the construction industry after the last recession, the committee warned. Full story....
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