Crisis doesn't alter need for reform
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Economic uncertainty has not stifled the need for regulatory reform of the financial markets, says Mark Hoban, financial secretary to the Treasury.
Speaking at the Building Societies Association’s annual lunch in London last week, Hoban told attendees: “There are some who would use the uncertainty to pull the rug out from under regulatory reform. They argue that reform would stifle growth at a time of economic recovery but I do not believe recent events diminish the case for reform.”
He also claims the government is sympathetic to the needs of the mortgage and housing markets.
He told the audience: “We are determined that creditworthy borrowers who are looking to buy a home or to move should have access to affordable mortgages. That goes hand in hand with ensuring we increase the number of homes built.”
And Peter Griffiths, chairman of the BSA and chief executive of the Principality Building Society, told attendees that shared ownership and shared equity are potential solutions for buyers struggling to find deposits and mutuals are working hard in these areas.
But he adds: “The market is yet to see an investment model that will draw in the billions of pounds from investment institutions needed to fulfil our housing requirements.”
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