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Hammond rejects Javid's calls for extra borrowing

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Chancellor Philip Hammond has refused to back Sajid Javid’s call to borrow more money to help build more homes.

LGC reported yesterday how the communities secretary suggested the government should consider borrowing more money “to invest in the infrastructure that leads to more housing”.

The Sun reported Mr Javid wanted to borrow up to £50bn.

During questions to the Treasury on Tuesday, Mr Hammond was asked if that was now government policy to which he replied “no” and went on to claim “that was not what [Mr Javid] said”. 

Later in the session, South Suffolk MP James Cartlidge (Con) requested Mr Hammond “resists the temptation to pay for [measures announced at the Budget] by billing our grandchildren” through extra debt.

Mr Hammond said: “Yes. It is not responsible to make so-called hard choices by loading the price on to the next generation and the generation after that. We have to make difficult decisions and we have to bear the consequences of those decisions.”

He said “public debt is still far too high, so I can confirm…that we will continue the plans that we have announced to reduce the deficit in a measured and balanced way”.

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