That extra £50bn promised by Javid for housing? Forget it, says Hammond

“Hammond has dismissed suggestions that it is now government policy to borrow £50bn to invest in housing. Sajid Javid, the communities secretary, has suggested borrowing more to invest in housing, with some reports claiming that Javid has been pushing the Treasury for an investment of £50bn.

But when Sir Vince Cable, the Lib Dem leader, told Hammond at Treasury questions that he was glad to see the government has agreed to increase borrowing by £50bn, Hammond said this was not government policy. He went on:

That was not what [Javid] said, as he knows. I would, however, agree with him that increasing activity in the construction sector is a very good way of creating jobs.”