Johnson pledges 'ownership revolution' with new mortgage rules

'Benefits to bricks'

Elliot Gulliver-Needham
clock • 3 min read

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 for free

  • 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

CBI chief warns Reeves of Budget's dent to profits and investment
UK

CBI chief warns Reeves of Budget's dent to profits and investment

Rain Newton-Smith speech

Linus Uhlig
clock 25 November 2024 • 2 min read
UK retail sales fall in October as Budget hits consumer confidence
UK

UK retail sales fall in October as Budget hits consumer confidence

Down 0.7%

Sorin Dojan
clock 22 November 2024 • 2 min read
UK consumer confidence ticks up in November ahead of Black Friday
UK

UK consumer confidence ticks up in November ahead of Black Friday

All five measures up

Sorin Dojan
clock 22 November 2024 • 1 min read
Trustpilot