Insurance group Legal & General wants to build five
new towns across Britain over the next 10 years at a cost of up to £5bn,
according to its chief executive. The firm, which manages £440bn in assets
globally, said building new towns and regenerating inner cities was the best
way of addressing Britain's housing crisis, and would also meet L&G's aim
of investing more of its pension fund in infrastructure. "If we can bring
communities with us and agree planning, we'd like to help build several new
towns across the country. We're already developing towns within cities, in
partnership with enlightened local authorities and boroughs," said
L&G's boss Nigel Wilson. Wilson also said the government should scrap the
Help to Buy mortgage deposit scheme in London to prevent house prices from
spiralling out of control. Read more on the Guardian website.
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