Labour's goal to construct 1.5 million homes by the end of the current parliament is under scrutiny as the Office for Budget Responsibility (OBR) predicts only 1.3 million will be built by 2030. Chancellor Rachel Reeves' Spring Statement highlighted the challenges ahead, acknowledging the risk of falling short of the original target by 200,000 homes. Despite proposing planning reforms to spur home construction, doubts remain regarding the feasibility and effectiveness of these strategies in tackling the ongoing housing crisis.
Chancellor Rachel Reeves admitted that the promise of 1.5 million homes is faltering, with OBR projecting just 1.3 million homes by 2029-30.
During the last election, Labour's commitment to build 1.5 million homes was a key strategy to tackle the housing crisis and boost homeownership.
The OBR's projections highlight a projected shortfall of around 200,000 homes, raising serious questions about Labour’s housing policies and planning reforms.
Reeves asserted the government's reforms could lead to a historic high of 305,000 annual home completions, despite the disheartening OBR forecast.
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