Tax break should be spent on affordable homes

1.00.00pm BST (GMT +0100) Sat 22nd Oct 2005

Commenting on the Self Invested Personal Pensions Scheme (SIPPs), which is due to come into force in April 2006, Sarah Teather MP, Liberal Democrat Shadow to the ODPM said:

"We're in the middle of an affordable housing crisis, with a whole generation in danger of being priced off the housing ladder. Now is simply not the time to be giving tax breaks to second homeowners.

"A hundred thousand families are homeless, nine out of ten towns are too expensive for first time buyers, and house-building has reached a record low under this Government.

"The SIPP tax breaks will open the door to a tidal wave of investment in second homes, pricing young families out of the market across the country, but especially in rural areas.

"The £2bn wasted on this tax break should be spent on making homes affordable for everyone, not the privileged few."