but the union barons will protest, but the winners, the winners will be railway staff who have a much sounder long—term footing and a fare paying public. we are on your side in cutting the cost of childcare. we will make it easier to find a childminder and making sure parents make the most of their tax—free childcare allowances. all of these costs and more, we will address in the clubbing weeks. today, i want to talk about the biggest single cost of housing expenditure, and that is housing itself. the price of housing away in a home in this year summer by an average 9.8% to £278,000, which is £24,000 higher than this time last year. in 2021, prices rose faster than wages. so that if you are one of the millions and millions of people outside the housing market

and you are looking in for every week and month that goes by, the dream of homeownership recedes further into the distance. the average age of first—time buyers has been rising continuously. the proportion of young people who can afford to buy their own home has been falling. between 2005—2016, the proportion of 2534 —year—olds that owned their own home fell by 20%, whereas in most other countries, it has been rising. it is true that we still have higher rates of overall homeownership just ahead of france and just ahead of germany. and it is true that we are building more as fast as we can after a sustained decline in home ownership rates in the labour government, which is now starting to go back up thanks to our support forfirst—time starting to go back up thanks to our support for first—time buyers and also building more homes. last year, there were 400,001st—time buyers of property which was a 20 year high.

-- 400,000 property which was a 20 year high. —— 400,000 first—time buyers. but that ownership is overwhelmingly concentrated among the over 65s, those who are able to buy in an age when housing was much cheaper. we look at the millennial generation. i can see some millennials here. just 31% own their own homes in the uk. 3i% own their own homes in the uk. in france, that figure is 41%. partly this is a function of supply. when labour left office, they famously remarked that there was no money left, but they failed to build new homes at the rate that was necessary, and we have been sorting that out ever since. thanks to the planning reforms we have put in over the last decade, house—building rates reached a 20 year high. but everywhere else outside london, i should clarify, where the present mayor is not showing quite the speed and scale achieved by his immediate predecessor. but despite the

progress everywhere outside london, we remain one of the slowest, lee's prolific home—building countries amongst the 28 members of the oecd. since 1970, francis bought 16.7 million homes —— france has built 16.7 million homes, whereas we have built only around 9 million. it is not true there are no sites where we can build these homes. then a fantastic brownfield site up and down the country where we can build. that's why michael gove has been developing plans there were plans to work hand—in—hand with local communities across england to build more of the right homes in the right places. we are going to put more publicly owned brownfield land to use to seek to unlock the small sites that are ideal for the kind use to seek to unlock the small sites that are idealfor the kind of unobtrusive development that community is welcome, with a priority for first—time buyers and key workers. we are supporting self build and custom—built homes, as has long been proposed by my colleague

richard bacon, and we pull sensitively make use of existing planning rights for example by making it easier to turn disused agricultural buildings into homes for local first—time buyers, agricultural buildings into homes for localfirst—time buyers, and to support farmers in growing and diversifying their businesses. but it is not enough just to build diversifying their businesses. but it is not enoughjust to build more homes. we also need to recognise that, while the overwhelming majority of people want the chance to buy their own home, forfar too many, the finance required simply is not available. the challenge facing first—time buyers today is bigger than anything we have ever seen before. 20 years ago in 2002, a home an average cost four and a half times your income. today, that multiple has risen to nine times your income. we have a ludicrous situation where plenty of younger people could afford to make monthly

payments. they were earning enough to cover astronomical rent bills, but the ever spiralling price of a house or a flat has so inflated deposit requirements that saving even just 10% deposit requirements that saving evenjust10% is deposit requirements that saving even just 10% is a wholly unrealistic proposition for them. first—time buyers are trying to hit a continually moving target, and of course, the global rise in the cost of living is only making life harder for those savers. so we want to make it easier to get a mortgage. working with lenders so that they recognise the creditworthiness of tenants with a track record of paying their rent on time. making sure that the self—employed also get the mortgages they need. this government has made sure there is a healthy supply of 95% mortgages stop tens of thousands of first—time buyers have since bought their homes thanks to our

mortgage guarantee scheme. we would like to go further, so today i can announce a comprehensive review of the mortgage market. reporting back this autumn, it will tell how we can give our nation of aspiring homeowners better access to low deposit mortgages and what our own mortgage industry can learn from counterparts around the world who have alternative ways of offering finance, managing risk and bolting the door to ownership. and just as no generation should be locked out of home ownership because of where they were born, so nobody should be barred from that same dream simply because of where they live now. for four decades, it has been possible for council home tenants to use a discount to buy the property they live in. 0ver that time, almost 2 million people have been helped into homeownership. they have switched identities and psychology from being dependent on the state for every

repair, from damp—proofing to a new front door, to being in charge of their own family home, able to make improvements and add value as they please. forvarious improvements and add value as they please. for various reasons, the number of tenants who actually use this freedom been steadily diminishing. so now is the moment to widen the possibilities and to give greater freedom to those who yearn to buy. i want us to deliver on the long—standing commitment made by several governments to extend the right—to—buy to housing associations. there are still 1.6 million households living in council homes, but there are now 2.5 million households whose homes belong to housing associations, and they are trapped. they can't buy, they don't have the security of ownership, they can't treat their home as their own or make the improvements that they want, and while some housing associations are excellent, others have been known to treat their tenants with scandalous

indifference. so it is time for change. 0ver indifference. so it is time for change. over the coming months, we will work with the sector to bring forward a new right to buy scheme. it will work for tenants, giving millions more the right to own their own home. it will work for taxpayers, responsibly capped at a level that is fully paid for, affordable within our existing spending plans, and with one—for—one replacement every social housing properties sold. and even as we deliver this homeownership revolution, we will continue with the revolution in renters�* rights. as the fifth anniversary of the grenfell tragedy approaches, we need no reminders of the importance of landlords listening to and working with their tenants. which is why we are giving tenants across the social and private sector better homes, greater security and access to the kind ofjustice that we all deserve, but which many are currently denied. we are also dealing with the scourge of unfair leasehold terms often

every bit as owner us as the conditions imposed upon tenants by landlords —— onerous, but applied to those who as homeowners should have far greater control over their homes in their lives. in this parliament, we will supercharge leaseholders�* ability to buy their own freehold, helping 4.6 million households genuinely to own their own homes, with discounts of up to 90% for those trapped with egregious escalating rates. we will finish the right to own reforms margaret thatcher began in the 1980s. ending the absurd position where first—time buyers spend their life savings on flats, only to find themselves being charged hundreds of pounds for painting their own doors or even unable to own a dog. that is what being on your side is all about.

when ownership remains beyond the reach of a great many hard—working people, it is neither right nor fair to put ever vast sums of taxpayers�* money straight into the pocket of landlords. the total bill for housing support stands at about £30 billion per year, and the office for budget responsibility warned that if we don�*t take action, it could reach £50 billion by 2050. that is cash, taxpayers�* cash, that is simply being swallowed to pay the mortgages of private sector landlords all being swallowed by housing associations. it is time to put this huge wall of money, taxpayers�* money, to better use. it�*s time to turn benefits to bricks. so we are going to look to change the rules on welfare so that the 1.5 million working people who are in receipt of housing benefit send once, and i stress, working people, and who want

to buy their first home, stress, working people, and who want to buy theirfirst home, will stress, working people, and who want to buy their first home, will be given a new choice, to spend their benefits on rent as now or put it towards a first—ever mortgage. doing so removes a significant barrier that currently prevents hundreds of thousands of families from buying their own home. and to remove another, we�*re going to explore discounting lifetime and help to buy icer savings from universal credit eligibility rules. that doesn�*t mean anyone who claims benefits while sitting on a vast pension pot that they can be drawing on. that is not they can be drawing on. that is not the people we are targeting. but making it easier for hard—working people to put away a little every month until they have enough for a deposit on theirfirst month until they have enough for a deposit on their first home. to help keep people in a home if there unfortunate enough to become unemployed, we are going to let people access support for paying their mortgage that bit earlier than

its present the case, and last of all, we�*re going to look at how we can securitise some of that colossal £30 billion housing benefits bill, so that we can build more social homes with the potential of a right to buy. add all those up, all those measures together, and i think it will not only help us to build many more homes in the right place, but will help millions of people realise what is currently an unattainable dream of homeownership, and that will be of massive benefit, massive benefits of them. massive social benefits of them. massive social benefits of them. massive social benefits of this country, and of course, massive economic benefits of this country, notjust in the way that it drives jobs and growth in the housing market, and of course in the housing market, and of course in the construction industry, but also how it helps to address the productivity problems that have beset the uk for so long. we are on your side in cutting the costs of

childcare. we are on your side in cutting the costs of fuel. we are on your side in cutting transport costs. we are on your side in cutting the cost of homeownership, and of course, we are on your side in cutting the tax bill as fast as you responsibly can. and that in itself is an immense driver of productivity and growth. and in spite of all the pressures that this economy currently faces, we know that we will get through them as we got through previous pressures and emerge stronger than the other side. because that is our plan for a stronger economy. by tackling the cost of living in all the ways that i have set out and more, by keeping energy, housing, transport, tackle those costs with supply—side reforms

and all the ways i�*ve set out, keeping our borrowing and debt under control, giving us the scope both to cut taxes on people, on families, and of course on business, and then backing business to grow and invest in this country in the way that they are, colossal sums coming into the uk right now, as everybody knows. we are easily the biggest destination for tech investment anywhere in europe, i think as much as germany, france and israel combined. and by continuing to secure and drive the benefits of brexit, our new freedoms across the whole of the uk, everything from free ports to financial services, we will continue to make sure the people of this country achieve and continue to achieve the happiness and security that comes from having a higher wage, high skilljobs in ever

greater numbers. that�*s what we are achieving right now and that�*s what we will continue to achieve, and thatis we will continue to achieve, and that is how... it is that plan for a stronger economy that will mean that we will be able to get on with the mission on which this government was elected, to unite and level up across our country, so no matter where you are born or what your background, we will give you the chance to fulfil your potential. with a plan, i think, for a stronger economy that has all the makings to be the strongest and most prosperous in europe. thank you very much for listening, and thank blackpool and the fylde college for your warm welcome this morning. thank you. applause thank you very much. we will straightaway... we got six questions from the media. i�*m going to go

straightaway to the bbc. chris mason. . ~' ,, straightaway to the bbc. chris mason. ., ~ ,, , straightaway to the bbc. chris mason. ., ~ , “ mason. thank you, chris mason, bbc news. mason. thank you, chris mason, bbc news- many — mason. thank you, chris mason, bbc news. many people, _ mason. thank you, chris mason, bbc news. many people, prime _ mason. thank you, chris mason, bbc news. many people, prime minister, | mason. thank you, chris mason, bbc| news. many people, prime minister, i desperately worried about the cost of living, _ desperately worried about the cost of living, and yet they see you new a of living, and yet they see you new 6 prime _ of living, and yet they see you new a prime minister described by a former— a prime minister described by a former conservative leader, no less, as someone — former conservative leader, no less, as someone driving down the motorway with two— as someone driving down the motorway with two flat tyres. why should people — with two flat tyres. why should people believe you when you say you can deliver. — people believe you when you say you can deliver, when 40% of your mp5 don't _ can deliver, when 40% of your mp5 don't think— can deliver, when 40% of your mp5 don't think you can? right. _ don't think you can? right, chris, there i was, really hoping that you would talk about all the things that we are doing to take the things that we are doing to take the country forward, but never mind. i venerate the organisation from which you come, and i think the answer is very simple. if you want a proof point of what we are going to deliver, look at what we have already delivered. look at the way we got the country through the worst pandemic i think for 100 years, the

speed and efficiency of the vaccine roll—outs, and look at the fact that we�*ve emerged from it, when people were saying that we would have an employment in the region of 12—14%, and we�*ve emerged with a rate since 1974, youth unemployment at record lows. what i�*m saying to you today, no speaking very frankly to the country is, i believe we now have a problem that follows on directly from covid. i think it�*s less severe than the challenge of that pandemic, but it�*s important to level with people about the price pressures that we face and to explain what the government is doing, and i think that the measures we are setting out in tackling the cost of living, not just by using taxpayers�* money, but by reforming services, by reforming the way government operates, cutting costs of government, but making sure

we change everything from our energy markets to our mass transportation systems, as i said that quite some length just now, systems, as i said that quite some lengthjust now, an systems, as i said that quite some length just now, an opportunity to help people with their single biggest cost, which is housing, and if you look at family budgets, that�*s where the money goes. people find ownership something really very, very difficult to attain, and i think that is wrong. i think what you have in this package today is some very creative ideas, notjust to build more homes in the right places, and that is crucial. you have got to build more, but you have also got some give people the chance to live in them, to own them, whatever, and by the way, you ask about delivery. neverforget, if anyone asked about social housing, i built more social housing than any labour mayor, the past, previous and current one. we get on with build,

—— we get on and build, but i think we want to give people the chance of ownership. it is a massive, massive thing to do, and it�*s right for people, and it�*s right forfamilies, and i think it�*s right for the economy as well. dan hewitt of itv. thanks very much, prime minister. 0n housing, _ thanks very much, prime minister. 0n housing, isn't— thanks very much, prime minister. 0n housing, isn't the _ thanks very much, prime minister. 0n housing, isn't the really— thanks very much, prime minister. 0n housing, isn't the really big _ housing, isn't the really big problem _ housing, isn't the really big problem here _ housing, isn't the really big problem here in— housing, isn't the really big problem here in this - housing, isn't the really big i problem here in this country housing, isn't the really big - problem here in this country that we simply— problem here in this country that we simply don't — problem here in this country that we simply don't have _ problem here in this country that we simply don't have enough _ problem here in this country that we simply don't have enough affordable homes? _ simply don't have enough affordable homes? you — simply don't have enough affordable homes? you made _ simply don't have enough affordable homes? you made no _ simply don't have enough affordable homes? you made no mention- simply don't have enough affordable homes? you made no mention in. simply don't have enough affordable l homes? you made no mention in your speech— homes? you made no mention in your speech of— homes? you made no mention in your speech of the — homes? you made no mention in your speech of the 121,000 _ homes? you made no mention in your speech of the 121,000 children - speech of the 121,000 children currently— speech of the 121,000 children currently living _ speech of the 121,000 children currently living in— speech of the 121,000 children currently living in temporary. currently living in temporary accommodation _ currently living in temporary accommodation over- currently living in temporary accommodation over 1 - currently living in temporary. accommodation overi million currently living in temporary- accommodation overi million plus famities— accommodation overi million plus families social— accommodation overi million plus families social housing _ accommodation overi million plus families social housing waiting - families social housing waiting lists — families social housing waiting tists far— families social housing waiting lists. far from _ families social housing waiting lists. far from building - families social housing waiting lists. far from building more l families social housing waiting - lists. farfrom building more homes from _ lists. farfrom building more homes from them, — lists. farfrom building more homes from them, doesn't _ lists. farfrom building more homes from them, doesn't this _ lists. farfrom building more homes from them, doesn't this policy- lists. farfrom building more homes from them, doesn't this policy of. from them, doesn't this policy of rights _ from them, doesn't this policy of rights advise _ from them, doesn't this policy of rights advise seriously _ from them, doesn't this policy of rights advise seriously risk - from them, doesn't this policy ofi rights advise seriously risk selling off what _ rights advise seriously risk selling off what few — rights advise seriously risk selling off what few affordable _ rights advise seriously risk selling off what few affordable homes . rights advise seriously risk sellingj off what few affordable homes we have left — off what few affordable homes we have left in — off what few affordable homes we have left in this _ off what few affordable homes we have left in this country _ off what few affordable homes we have left in this country to - off what few affordable homes we have left in this country to motorl have left in this country to motor and you — have left in this country to motor and you said _ have left in this country to motor and you said you _ have left in this country to motor and you said you wanted - have left in this country to motor and you said you wanted to - have left in this country to motor and you said you wanted to build j and you said you wanted to build more _ and you said you wanted to build more social— and you said you wanted to build more social homes. _ and you said you wanted to build more social homes. will- and you said you wanted to build more social homes. will you - and you said you wanted to build - more social homes. will you commit to providing — more social homes. will you commit to providing a — more social homes. will you commit to providing a number— more social homes. will you commit to providing a number of— more social homes. will you commit to providing a number of social- to providing a number of social homes — to providing a number of social homes more _ to providing a number of social homes more you _ to providing a number of social homes more you want - to providing a number of social homes more you want to - to providing a number of social homes more you want to see l to providing a number of social. homes more you want to see built each _ homes more you want to see built

each year? — each year? i— each year? iwill- each year? i i will totally each year? - i will totally reject each year? — i will totally reject your... we build huge numbers of affordable homes right now, and we can be very proud of... when i was... as i said just now to chris, i built more than 100,000 of homes in london in my time as mayor, far more, i think, from memory than ken livingstone did, and certainly i them at a far greater rate than the current mayor did. we build affordable homes. as far as i can remember, we build more affordable homes in one year of the incoming conservative government after 2010, a coalition government, then the labour party did in 13 years in office. so we understand the vital importance of council homes and affordable homes. actually, the interesting thing about this country is that we do have, by comparison with many other european countries, a lots of social housing. 0ne european countries, a lots of social housing. one in five homes in this country is social housing, and that�*s far more than france, germany, or most other countries. and what we want to do is make sure

that we give people the chance not just to live in an affordable home, but eventually, when they want to, when they feel that their situation enables them to, to buy it! and that�*s a fantastic mobilising, motivating thing that drives people�*s thoughts and passions and engages them deeply and it�*s a very, very important change to make if you can. but of course, we will continue to insist, as i said in the speech, that there is a one—to—one replacement, so that when the sales are made, that you use the receipts to build more, and of course, it costs less to build than to buy, and so, that�*s the way we�*ll do it. well, we want to see at least a replacement, and we once... i mean, we want to build at least hundreds of thousands more homes every year, and i think i�*m right in saying that

in the year before covid, the number of homes built in this country under this government, was about 245,000, which is almost a 30 year high. you look as though you don�*t believe me. well, as i said to you, we are building consistently more affordable homes than labour ever did, and when you look at the council house numbers, we left them absolutely standing. of course we want more affordable homes, but the way to do that is to have more home—building,.. and any development has got to have a mixture of market sale and affordable, and the problem that we have had is that successive

labour governments have imposed such ridiculous quotas and developments that nothing has gone ahead, and so you haven�*t actually seen development at all. you�*ve seen no private sector building or affordable either, and what we want to do is get the market going in places where it works on brownfield sites that i made viable by the infrastructure investments that we are putting it in, that i barely began to describe, and that�*s the way, that�*s how we always out build the labour party when it comes to delivering social homes as well as private homes. and that is what we are going to continue to do. gb kept news, darren mccaffrey. thank you, prime minister. just on the supply— thank you, prime minister. just on the supply of homes, you are right, ithink— the supply of homes, you are right, i think it _ the supply of homes, you are right, i think it was — the supply of homes, you are right, i think it was about 245,020 19, but you are _ i think it was about 245,020 19, but you are committed to 300,000 homes by the _ you are committed to 300,000 homes by the middle of this decade. fact, this is— by the middle of this decade. fact,

this is what— by the middle of this decade. fact, this is what experts say is standing still. this is what experts say is standing stiit~ no— this is what experts say is standing still. no conservative government has done — still. no conservative government has done that for the last 20 years. can you _ has done that for the last 20 years. can you give — has done that for the last 20 years. can you give a cast—iron guarantee that by— can you give a cast—iron guarantee that by the — can you give a cast—iron guarantee that by the middle of this decade, you witt— that by the middle of this decade, you will at— that by the middle of this decade, you will at least reach that manifesto commitment? in dozen that frankly— manifesto commitment? in dozen that frankly mean changing planning laws, dealing _ frankly mean changing planning laws, dealing with nimby as? and second of all... with nimbyism? indeed. and secondly, i think this with nimbyism? indeed. and secondly, i think this is — with nimbyism? indeed. and secondly, i think this is the _ with nimbyism? indeed. and secondly, i think this is the highest _ with nimbyism? indeed. and secondly, i think this is the highest fuel _ i think this is the highest fuel prices — i think this is the highest fuel prices that we have ever seen today. in prices that we have ever seen today. in spain. _ prices that we have ever seen today. in spain, duty is 17p, in the netherlands, 14p tax, in germany, 25 p. i netherlands, 14p tax, in germany, 25 p icoutd _ netherlands, 14p tax, in germany, 25 p icoutd go— netherlands, 14p tax, in germany, 25 p. i could go on. 5p is not enough, is it. _ p. i could go on. 5p is not enough, is it. prime — p. i could go on. 5p is not enough, is it, prime minister, with the second — is it, prime minister, with the second highest fuel duty tax country in europe, _ second highest fuel duty tax country in europe, you're going to have to id in europe, you're going to have to go further— in europe, you're going to have to go further than 5p, aren't you? so, go further than 5p, aren't you? so. first— go further than 5p, aren't you? so. first of— go further than 5p, aren't you?

so, first of all, and our ambition for home—building, i think it was back in... you would have to go right back to 1968 to find a time when we were building more than 400,000 homes a year in this country. we have never built enough fast enough because of all the reasons that you rightly describe, but everybody understands that this is bat we are sensitive to development that isn�*t on the right place, and that is perfectly reasonable. we love our natural world, we want to make sure we have development that is appropriate. that�*s why i think that the reforms that michael gove is putting through today, the second reading of the levelling up and regeneration bill, are right, and they will give local people much more control over where to site things, to allow appropriate developments to go ahead, in places where they will be welcomed and where they will be welcomed and where they will help young people growing up in those communities, and i think that is what people want around this country. i think it will

allow development to go ahead in ways that we haven�*t seen before. i can�*t give you a cast—iron guarantee that we are going to get a number in a particular year, that we are going to get a number in a particularyear, but that we are going to get a number in a particular year, but what i can point you to is the record of delivery under conservative governments in the way that we do it, and clearly, you know, you have got to make sure that you are not building everywhere on precious green belt land that you are taking care of the natural world, but you don�*t have to. the trick to pull off to build more homes is, as i was saying to... i think maybe to chris, you have got to put in the infrastructure. you have got to make sure that not only the schools and hospitals, but the roads, the mass transit system, the transport systems, to enable those developments to be viable. the problem is, if you just take a development like barking in riverside, which i happen to know

quite well, all the stuff on the thames gateway area, and we are a long way from blackpool when we discuss this, but i remember these developments intimately because i tried to double its when you don�*t have the transport that they are not viable for the developers, and when they are not viable for the developers, you cannot get the affordable either. but if you put in, say, crossrail, for instance, will enable is to do things that were simply not possible, and crossrail will enable developments to go ahead in parts of our capital that were not economically viable, and that is one of the reasons... so you will be able to give people access to the housing that they need, and that is what this is doing. that is where we have a huge programme of infrastructure, six and in £50 billion worth of investment overall in infrastructure skills to work on the skills and technology. look at what we are doing. that is

designed partly to enable the private sector to come in and build homes where people want them, where they won�*t be on the green and where they won�*t be on the green and where they can do the job for a generation to come. 0n fuel, i to come. 0nfuel, i hearyou. we to come. 0n fuel, i hear you. we made a cut already. what i want to see is the biggest ever cut in fuel duty. what i want to see is those cuts in taxation is notjust swallowed up in one gulp without touching the gullet of the fuel companies. i want to see those cuts having an impact on the pumps. and we watching very closely to see what happens. as i i think many companies don�*t want to just take profit. they do have a sense of responsibility, but we need to see it. . , �*

it. inaudible. when - it. inaudible. when it - it. inaudible.j when it comes it. inaudible. i when it comes to it. inaudible. - when it comes to fiscal it. inaudible. — when it comes to fiscal measures, it- inaudible- _ when it comes to fiscal measures, as you can imagine, this is the province of my right honourable friend the chancellor, and i�*m not going to anticipate what he may or may not do, but i will tell you we are going to continue to do everything in our power to look after the british people throughout this pandemic, and throughout the after—shocks of the pandemic, just as we did during covid, and i said that many, many times. i think people know that to be right. geraldine scott, the times. thank ou, geraldine scott, the times. thank you. prime _ geraldine scott, the times. thank you, prime minister. _ geraldine scott, the times. thank you, prime minister. you - geraldine scott, the times. thank you, prime minister. you have - geraldine scott, the times. thank you, prime minister. you have spoken a lot today— you, prime minister. you have spoken a lot today about — you, prime minister. you have spoken a lot today about low— you, prime minister. you have spoken a lot today about low deposits, - you, prime minister. you have spoken a lot today about low deposits, but. a lot today about low deposits, but arguably _ a lot today about low deposits, but arguably the — a lot today about low deposits, but arguably the more _ a lot today about low deposits, but arguably the more difficult - a lot today about low deposits, but arguably the more difficult factor . arguably the more difficult factor for a iot— arguably the more difficult factor for a lot of— arguably the more difficult factor for a lot of people _ arguably the more difficult factor for a lot of people that _ arguably the more difficult factor for a lot of people that want - arguably the more difficult factor for a lot of people that want to l arguably the more difficult factor i for a lot of people that want to get on the _ for a lot of people that want to get on the ladder— for a lot of people that want to get on the ladder is _ for a lot of people that want to get on the ladder is that _ for a lot of people that want to get on the ladder is that multiplier. i on the ladder is that multiplier. you said — on the ladder is that multiplier. you said yourself— on the ladder is that multiplier. you said yourself it _ on the ladder is that multiplier. you said yourself it is _ on the ladder is that multiplier. you said yourself it is up - on the ladder is that multiplier. you said yourself it is up to- on the ladder is that multiplier. | you said yourself it is up to nine times— you said yourself it is up to nine times now _ you said yourself it is up to nine times now so— you said yourself it is up to nine times now. so what _ you said yourself it is up to nine times now. so what can - you said yourself it is up to nine times now. so what can you - you said yourself it is up to nine times now. so what can you dol you said yourself it is up to nine i times now. so what can you do to tackle _ times now. so what can you do to tackle that? — times now. so what can you do to tackle that? even _ times now. so what can you do to tackle that? even if _ times now. so what can you do to tackle that? even if you _ times now. so what can you do to tackle that? even if you skate - times now. so what can you do to tackle that? even if you skate thej tackle that? even if you skate the deposit _ tackle that? even if you skate the deposit together, _ tackle that? even if you skate the deposit together, that _ tackle that? even if you skate the deposit together, that is - tackle that? even if you skate the deposit together, that is a - tackle that? even if you skate the. deposit together, that is a massive barrier~ _ deposit together, that is a massive barrier~ and — deposit together, that is a massive barrier. and are _ deposit together, that is a massive barrier. and are you _ deposit together, that is a massive barrier. and are you looking - deposit together, that is a massive barrier. and are you looking at - barrier. and are you looking at mortgage _ barrier. and are you looking at mortgage insurance _ barrier. and are you looking at mortgage insurance like - barrier. and are you looking at mortgage insurance like they. barrier. and are you looking at - mortgage insurance like they have in canada _ mortgage insurance like they have in canada to— mortgage insurance like they have in canada to secure _ mortgage insurance like they have in canada to secure those _ mortgage insurance like they have in canada to secure those deposits? i mortgage insurance like they have in. canada to secure those deposits? and 'ust canada to secure those deposits? and just a _ canada to secure those deposits? and just a second — canada to secure those deposits? and just a second one _ canada to secure those deposits? and just a second one on— canada to secure those deposits? and just a second one on tax. _ canada to secure those deposits? and just a second one on tax. you - canada to secure those deposits? and just a second one on tax. you have . just a second one on tax. you have -ot

just a second one on tax. you have got your— just a second one on tax. you have got your big — just a second one on tax. you have got your big speech— just a second one on tax. you have got your big speech with _ just a second one on tax. you have got your big speech with the - got your big speech with the chancetior— got your big speech with the chancellor coming _ got your big speech with the chancellor coming up - got your big speech with the chancellor coming up in - got your big speech with the chancellor coming up in the| got your big speech with the - chancellor coming up in the next couple _ chancellor coming up in the next couple of— chancellor coming up in the next couple of weeks. _ chancellor coming up in the next couple of weeks. we _ chancellor coming up in the next couple of weeks. we understandj chancellor coming up in the next. couple of weeks. we understand at the times— couple of weeks. we understand at the times you _ couple of weeks. we understand at the times you are _ couple of weeks. we understand at the times you are looking - couple of weeks. we understand at the times you are looking to - couple of weeks. we understand at the times you are looking to cut i the times you are looking to cut income — the times you are looking to cut income tax — the times you are looking to cut income tax to _ the times you are looking to cut income tax to 2p _ the times you are looking to cut income tax to 2p in _ the times you are looking to cut income tax to 2p in 2024 - the times you are looking to cut income tax to 2p in 2024 ratherl income tax to 2p in 2024 rather than — income tax to 2p in 2024 rather than... ., income tax to 2p in 2024 rather than- - -_ by _ income tax to 2p in 2024 rather than- - -_ by 2p! - income tax to 2p in 2024 rather than- - -_ by 2p!- income tax to 2p in 2024 rather than. . ._ by 2p! than... two 2p?! by 2p! you are drivin: than... two 2p?! by 2p! you are driving a — than... two 2p?! by 2p! you are driving a hard — than... two 2p?! by 2p! you are driving a hard bargain. _ than. .. two 2p?! by 2p! you are driving a hard bargain. by- than... two 2p?! by 2p! you are driving a hard bargain. by 2p - than... two 2p?! by 2p! you are i driving a hard bargain. by 2p rather than one. driving a hard bargain. by 2p rather than one- is— driving a hard bargain. by 2p rather than one. is that _ driving a hard bargain. by 2p rather than one. is that something - driving a hard bargain. by 2p rather than one. is that something you . driving a hard bargain. by 2p rather| than one. is that something you are looking _ than one. is that something you are looking at— than one. is that something you are looking at you — than one. is that something you are looking at you michael _ than one. is that something you are looking at you michaelfirsit- than one. is that something you are looking at you michael— looking at you michael first of all, thank you _ 0n the mortgage market, yes, people, we want to help them to get deposits, but we also need to have mortgages, we need to have more 95% mortgages, we need to have more 95% mortgages, which cover 95% of costs of the property. it is punitively difficult for so many people now in this country and it doesn�*t need to be that way and that is one of the reasons we are reforming it. there

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