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Jack Dromey MP, Labour’s Shadow Housing Minister, responding to the Communities and Local Government Select Committee cross-party report on a major increase in investment in house building, said:

"This timely cross-party report underlines the growing housing crisis in Britain. One that the Tory-led Government’s policies are making worse, not better. House building is down 26% on the average under Labour, homelessness is rising, the mortgage market remains weak and private rents are increasingly unaffordable.

"With the economy sinking and unemployment rising it has never been more important to build badly needed homes, building Britain out Cameron and Osborne's recession. That’s why Ed Miliband is calling for an immediate tax on bankers’ bonuses to fund 25,000 affordable homes and create 100,000 new jobs for young people.

"It is critical that housing is put centre stage as Labour has argued. We therefore welcome the committee’s proposals, including increased investment from institutional lenders and pension funds, and proposals such as a housing investment bank to unify public and private funding.

"Labour will continue to lead the debate on housing. Our policy review includes not just ideas such as a housing investment bank, but incentives for investment into the private rented sector, greater financial freedoms for local authorities, and new and innovative models, including an expansion of self-build housing."

Jack Dromey MP, in response to the committee’s findings on the Government’s affordable rent model, added:

"As the findings of this report demonstrate there are real concerns that the Tory-led Government is presiding over the slow death of social and affordable homes. On Grant Shapps' watch we saw the biggest collapse in affordable house building in history and now this report has confirmed that the Government’s so called affordable rent model will be unaffordable to many and is not sustainable post-2015."

"With its economic policies putting more people out of work and putting the biggest squeeze on living standards in a generation and its housing policies squeezing out social and affordable housing, the Government is failing the millions of families who want a decent home at a price they can afford."

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