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Economist: 'Devil will be in the detail' on housing

RICS: 'Infrastructure projects don't need to be big to be effective in creating growth'. Credit: Rui Vieira/PA Wire

Royal Institute of Chartered Surveyors chief economist Simon Rubinsohn said that although the measures announced under the "Help to Buy" scheme are much needed, "the devil will be in the detail" when it comes to how buy-to-let properties and those in negative equity will be treated.

Responding to the announcement that big building projects will be given a £3 billion a year boost to improve Britain's infrastructure, Mr Rubinsohn said the Chancellor has "failed to realise that infrastructure projects don't need to be big to be effective in creating growth".

Mr Rubinsohn called the Chancellor's Budget announcement "a rather lacklustre statement ... which will do little to deliver much for the economy in the near term".