Z2K is aware that the public finance situation is historically unprecedented. The Chancellor’s estimate that £175 billion may have to be borrowed in the coming year to balance the national finances is sobering. And this, and subsequent years’, estimates of borrowing requirements is based on growth forecasts that many regard as optimistic.

Any government in this position is faced with hard choices about taxation and spending options. We understand that, with a limited future life, the present government is unlikely to enter on a serious housebuilding programme that will produce returns only in the years beyond the next election.

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