16:46 01 October 2012
Monday’s Labour party conference will see Shadow Chancellor Ed Balls call for around £3billion, to come from the sales of the mobile phone network 4G license, to part owe itself to the building of 100,000 new homes. He is expected to tell delegates in Manchester during of the plans.
The monies are thought to come from an auction of the 4G network that is expected to take place in 2013. Mr. Balls’ announcement on Monday will aim to address the countries construction industry. The budget – the windfall to come from the auction – will also focus on a two-year stamp duty holiday, according to reports.
Ahead of Monday’s fringe meeting Mr. Balls spoke to the Today programme on the matter and is quoted by the BBC saying: “I can set out today that we would now build 100,000 homes using the 4G mobile phone money to kick start the recovery and get people back to work."
According to a report from The Guardian, Mr. Balls wants “action right now”, and his plans will nod at a two-year exemption from tax for new home buyers who are intending to get on to the property ladder with a house value of under £250,000.
According to Metro, criticism has come from opposition party the Conservatives, who claim that Labour have not used their past experiences in office to shape their future decisions. This is in regards to the countries affordable expenditure.
It is understood that it is not confirmed where Chancellor George Osborne will allocate monies from 4G.
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