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CBI calls for mortgage help for first-time buyers

Thursday, 10 November 2011 12:07 PM

Britain's bosses are calling for a package of measures including more help for first-time buyers as part of a growth strategy for the economy.

The Confederation of British Industry (CBI) wants the government to introduce what it calls a Plan A plus to unlock private sector investment and remove "road blocks" to growth.

The package comprises boosts to infrastructure spending plus a £500 package of investment in boosting energy efficiency, reducing youth employment and stimulating the housing market.

The CBI says the government should underwrite mortgage indemnity guarantees to reduce the risk of high loan-to-value mortgages for buyers and lenders.

It says this would help rebuild the first-time buyer market, with knock-on benefits for the whole housing market. The guarantees would be provided on a risk-sharing basis by mortgage providers and house builders with a role for the government in providing "tail risk guarantees".

John Cridland, CBI director-general, said: "The Government must stick to its plans to bring down the deficit to maintain confidence in the UK's public finances and keep the cost of borrowing down, but now is the time to revitalise its growth strategy and create a "Plan A plus".

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