CBI 'particularly pleased' about housing boost

CBI Director-General John Cridland.
CBI Director-General John Cridland. Credit: Lewis Whyld/PA Wire

Director-General John Cridland said the CBI is "particularly pleased" its call to focus on the short-term boost of housing made it into the Chancellor's Budget statement.

Mr Cridland said the housing boost alongside an increase in big ticket infrastructure spending was "recognition it was a mistake to cut capital spending so sharply and that other growth-boosting measures were taking too long".

“Small and medium-sized businesses will be particularly encouraged that there was money available for the Chancellor to cut the jobs tax through a new employment allowance", he added.

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Budget homes plan loophole

The Treasury has still not explicitly said it will prevent homeowners from using Government-backed mortgage guarantees to buy second homes, after ITV News exposed the loophole. It is also feared the cost of the scheme could be passed onto borrowers.