Building new social housing is a no-brainer, which makes it odds-on not to happen

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Andrew Rawnsley argues that if there is just one thing radical that Philip Hammond should do in the forthcoming budget then it is to let local authorities issue bonds to finance the building of new social housing. His argument is that this was the great success of Neville Chamberlain. I presume Rawnsley is not trying to kill the idea by saying so, although that might be the result. And such a line of reasoning is not required. This idea, which I have promoted since 2003, makes complete economic sense.

It stimulates the economy in every constituency.

It meets glaringly obvious need.

It puts the mountain of unproductive savings in UK bank accounts and ISAs to productive purpose.

It tackles the fundamental pension failing in the UK, which is that the older generation are not leaving enough capital goods for the next generation so that the younger generation can afford to forego part of their income to care for the elderly.

And it reduces social and economic tensions.

It's a no-brainer then. Which makes it odds-on not to happen.