- Created: Wednesday, 07 December 2016 22:17
- Written by Cat Alison
Autumn Statement: smoke and mirrors
The measures announced by Chancellor Philip Hammond in the Autumn Statement will do precisely nothing to resolve the housing crisis for the working class. The promise of £1.4bn to build 40,000 ‘affordable homes’ – with an additional £3.15bn for 90,000 in London – is the same old sleight of hand. Firstly, it begs the question: ‘affordable’ for whom? ‘Affordable’, ‘submarket’ and ‘intermediary’ rents are all euphemisms for anything up to 80% of market rents – ie unaffordable for the majority of people in most of Britain. In London so-called ‘intermediate housing’ requires a minimum salary of £57,000 a year. In southeast London, as the 35percent.org campaign has discovered, Southwark Labour Council’s new planning policy for the Old Kent Road ‘regeneration’ now allows developers to decide for themselves what constitutes ‘affordable housing’. Secondly, there have already been massive handouts of government money to private builders to tackle the housing crisis. In the words of economist Paul Mason, this has simply resulted in ‘a glut of luxury apartments and a shortage of homes for ordinary people’.