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Hammond sets 300,000 homebuilding target

Words: Huw Morris

Chancellor of the Exchequer Philip Hammond has committed the government to building 300,000 homes a year.

Speaking on BBC1’s Andrew Marr Show ahead of this week’s Budget, Hammond said it was unacceptable that young people struggled to buy a home and the government would “keep its pledge to the next generation”.

The chancellor said the government had delivered more than 217,000 new homes last year, but admitted more needed to be done.

He said the government would aim to speed up development on sites with planning permission and to help small building firms.

There is “no single magic bullet” to increasing housing supply, Hammond added, and the government would not simply “pour money in”.

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