Downing Street Says

Asked how much money the Government would match in the savings scheme, the PMS said that we had piloted a number of different schemes, but the specific detail on the matter was something that the Treasury would announce as the schemes were unveiled. Asked if it would be pound for pound, the PMS reiterated that a number of different approaches had been piloted, with different Government contributions and it was his understanding that the Treasury would want to look at that experience as they rolled the scheme out nationwide.

Put that according to Caroline Flint’s document yesterday, a house bought today for £200million would only be worth £180million next year, the PMS replied that as Caroline Flint had said yesterday in her statement, the figures referred to in the document, referred to external estimates and not necessarily Government estimates. Asked if it was a good time to put taxpayers money into the housing market, the PMS said that there were a number of unsold properties on the market; the Government would obviously be looking to get the best value for money for the taxpayer and would seek a competitive price.

Asked what the Government estimates were, the PMS replied that the Government forecasts would have been set out in the Budget and the Treasury would update them in the pre-Budget Report.

Put that assuming a lot of unsold properties were bought, who would then manage them and let them, the PMS said that it was his understanding that the scheme was being run by the Housing Corporation, which was a Government Agency. It would be for them to decide subsequently, how the properties would be best managed.

Asked about shared ownership schemes and whether the Prime Minister thought it was a good time for people on lower incomes to be getting into the housing market, the PMS replied that the Prime Minister thought that it was a choice for individuals to make and not for the Government to give advice on. What the Government could do was to provide support to people who did want to get on the housing ladder. Asked what happened under a shared ownership scheme if the value of the property fell, the PMS said that he was sure the Treasury or DCLG could give people the details, but from memory there were quite detailed arrangements between building societies and the Government in terms of how it worked.

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» Wednesday, May 14, 2008

Savings

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