Business groups urge housing investment

BUSINESS lobby group the CBI today urged the government to kick-start the housing market in its upcoming Budget.

Housing should form “the main plank” of this month’s Budget, according to the CBI, including measures for first and second-time buyers and support for housebuilders struggling to access finance.

The lobby called for 50,000 new affordable homes to be built, at a cost of £1.25bn, generating £18bn for the wider economy and creating 75,000 jobs.

The British Chambers of Commerce also called on Chancellor George Osborne to support the building of 100,000 new homes, while manufacturers group the EEF said more investment was needed in infrastructure.