Labour derides London housing costs as “biggest single blight” on city
Labour launched a stinging attack on London housing costs, describing them as the "single biggest blight on this city".
Speaking at a conference to set out Labour's new vision for the economy, shadow chancellor John McDonnell promised to help people "who are at the mercy of an unforgiving, unrestrained housing market and landlords".
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While the top end of the capital's housing market has cooled due to stamp duty changes announced last year, prices in outer boroughs continue to soar due to the widening gap between supply and demand.
"Many, particularly young people, who are unable to get onto the housing ladder are then at the mercy of an unforgiving, unrestrained housing market."
"Other urban areas are suffering from skyrocketing rents."
"We’ll look to give local authorities the powers to impose rent regulation to secure fair rents where these are needed as Labour committed itself to at the last election."
"We know the supply of housing is simply not sufficient to meet demand."
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Labour leader Jeremy Corbyn is due to tell the conference later today that the party wants to break what he calls "failed economic orthodoxy" and say its proposed National Investment Bank will boost British infrastructure.
He's also due to say that Labour will "always seek to distribute the rewards of growth more fairly," the BBC reported.