Burnham proposes using national wealth fund to boost social housing without raising borrowing
By
Jennifer Williams, Ian Smith, Jim Pickard, Sam Fleming
1mo ago· 4 min readenNews
Summary
Labour leadership candidate Andy Burnham is exploring ways to channel billions of pounds into social housing without breaching the party's fiscal rules. His allies are considering using the UK's national wealth fund to provide seed funding for new regional banks, which would then attract private investment for subsidised housing. Burnham, the Greater Manchester mayor, aims to present a bold agenda while reassuring bond markets that he would not significantly increase public borrowing if he became prime minister.
Source
bskyBurnham proposes using national wealth fund to boost social housing without raising borrowingas.ft.comKey quotes
· 2 pulledOne idea being explored by Burnham's supporters is whether the UK's national wealth fund could provide seed funding to new regional banks that would then attract private investment for a huge programme of new subsidised homes.
The Greater Manchester mayor has been looking to set out a bold agenda, while reassuring bond market investors that, if he became prime minister, he would not oversee a sharp rise in public borrowing.
Labour leadership hopeful sees way to funnel billions of pounds into sector while adhering to party’s fiscal rules
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