Johnson pledges 'ownership revolution' with new mortgage rules

'Benefits to bricks'

Elliot Gulliver-Needham
clock • 3 min read
Credit: Chatham House - Prime Minister Boris Johnson
Image:

Credit: Chatham House - Prime Minister Boris Johnson

Prime Minister Boris Johnson pledged to turn “benefits to bricks” in a speech today (9 June), announcing upcoming changes to mortgage rules that, among other things, would allow housing benefits to be put towards mortgages.

Johnson's speech on the cost of living focused mainly on reforms to housing that he hoped would push home ownership from their record lows. The prime minister condemned figures revealing only 31% of millennials can afford their own home, The prime minister noted that taken together with the funds already committed, the government had now pledged £37bn to help with the cost of living. He added that the "bulk" of upcoming support in the cost of living crisis will be targeted to vulnerable. On inflation, Johnson said: "We will get through it, just as we got through the far greater challe...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on UK

The fall in sales volumes over the month was because of food stores, which fell by 1.6%.
UK

UK retail sales slip in May as consumer confidence falls to lowest on record

Shoppers cut back on food spending

clock 24 June 2022 • 2 min read
"UK is at a crossroads"
UK

Average global funds hold a third less in the UK than before Brexit

Brexit risks still an issue for managers

clock 23 June 2022 • 4 min read
The UK Infrastructure Bank just surpassed its one year anniversary
ESG

UK Infrastructure Bank to move away from investing through fund managers - reports

Chief executive has come under pressure

Elliot Gulliver-Needham
clock 23 June 2022 • 2 min read
Trustpilot