Bank of England calls for less owner occupation. The Treasury wants more…

MPC rate-setter David Miles wants fewer owner-occupiers to increase labour mobility. But the Treasury, with its mortgage indemnity plan, wants to re-flate the housing bubble.

Britain is on course for a lower level of owner occupation – and that would be no bad thing. So said David Miles, one of the nine members of the Bank of England’s monetary policy committee in a speech in York today.

This came just 24 hours after the Treasury announced that it would be spending £400m to kickstart private-sector housebuilding and provide a mortgage indemnity scheme so that those buying new-built homes can get a home loan worth 95% of the property’s value.

Click here for more on this story