George Osborne has warned that Britain's housing shortage
is likely to persist for at least 10 more years. The chancellor insisted the
coalition's controversial planning shakeup was having a positive effect, and played
down fears of a property bubble. But he admitted more needed to be done to
overcome the "historic" imbalance between supply and demand.
Osborne's comments came as he gave evidence to the Lords economic affairs
committee. He gave an optimistic assessment of the UK's prospects, saying the
fledgling recovery was "sustainable". But he also expressed concerns
about international risks, including "weakness in some of the European
economies", issues in emerging economies and uncertainty about the
fortunes of the US. Read more on the Guardian website.
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