(8 years, 8 months ago)
Commons ChamberThis continues a process that has been going on since the mid-’90s to equalise the state pension age and the process begun in 2011 to increase the state pension to make sure that it can be more affordable overall in terms of its ability to meet our commitments under the triple lock and the big increase I mentioned earlier. I did not hear all of the hon. Gentleman’s question precisely, but I think he mentioned Age UK. The charity director of Age UK said that this big concession is
“a significant financial commitment from the Government at a difficult time. This will give a much needed 6 month respite to all the women who would have had to work an extra two years.”
10. What progress he has made on his long-term economic plan.
The long-term economic plan is securing the UK’s recovery. We were the fastest growing G7 country in 2014 and 2013 and we are joint fastest this year. The deficit has more than halved and the national debt as a share of GDP is set to fall this year. However, the job is not yet done, and the Government will continue working through the plan to ensure Britain’s long-term economic security.
In the autumn statement last week, it was great to hear the Chancellor talk about rehabilitating our prisoners. Does the Minister agree that the sale of old Victorian prisons is a prime example of how economic and social reform can go hand in hand, bringing sales to the Exchequer, working positively with prisoners in these prisons, and creating new places for homes in our cities?
I know that my hon. Friend has campaigned consistently on these issues since 2010. The justice reforms are an exemplary element of the long-term economic plan, combining savings with social reform and delivering economic dividends from improved employability to sites for 3,000 new homes. It is because of the strength of the economy, thanks to the long-term plan, that we can invest £1 billion to build nine modern prisons and close the old ones.
(8 years, 10 months ago)
Commons ChamberThat is precisely what we are doing. We are precisely preparing Britain to weather the storms. We came in five years ago. We promised to turn this economy around. We promised to take Britain back from the brink of disaster. And do you know what? We have a record number of people in work. I can see my right hon. Friend the Secretary of State for Work and Pensions over there. A record number of children are no longer in workless households. We have the gender pay gap at the lowest rate in its entire history. Inequality is down, child poverty is down and the shambles we were left, as Ben from Exeter might put it, by the Labour party is what we are clearing up right now and we will continue to do so.
The second objection to the charter is that somehow reducing the deficit and running a surplus is inconsistent with a progressive state and great public services. Tell that to the Canadians or the Swedes, two great social democracies with surplus rules for two decades or more. Tell that to all the other countries in the world which, like Britain under this Government, are on course to run a surplus by 2020—Australia, Germany, Cyprus, New Zealand, Norway, Singapore and Korea. Tell that to the British taxpayers, who have seen the deficit reduced while their public services have improved over the past five years, with crime down, satisfaction with local government services up, and more children than ever in outstanding schools. The truth is that running a deficit forever is not socialist compassion; it is economic cruelty and Britain wants no more of it.
The very purpose of this charter is that we prepare for the future, reduce our debts and run a surplus in normal times, precisely so that we do have the resources to help the poorest and the most vulnerable when economic bad times come.
We do not stand here and claim we have abolished boom and bust—that ridiculous and dangerous suggestion that got Britain into this mess in the first place. We know there are ups and downs to the economic cycle. We warn again and again of the risks out there—from slowing emerging markets to the endemic weakness of the eurozone—and it is precisely because no one knows when the economy will be hit by the next shock that we should take precautions now. That is what we are doing in this charter.
Britain’s national debt as a share of its national income is more than 80% of our GDP. Unless we reduce it, we will not be able to support the economy and the British people in the way we would like to do when the shock comes, because we would not have the room for manoeuvre. Failing to address that is deeply irresponsible.
According to today’s figures, unemployment among 18 to 24-year-olds in my constituency is down 72% since the Chancellor walked into No. 11. That is what budget responsibility looks like. Will he promise to stay in the centre, moderate ground of British politics and keep fixing the roof while the sun is shining and reject the hard-left nonsense we are hearing from the Opposition?
I absolutely give my hon. Friend that commitment, because we have a responsibility to represent the working people of this country, who have been completely abandoned by the Labour party. That makes us the true party of labour here in this House of Commons.
(9 years, 9 months ago)
Commons ChamberIt is a pleasure to follow the hon. Member for East Antrim (Sammy Wilson), who spoke passionately, as always.
I do not pretend to be one of the great economists of the House, but in my four and a half years as a constituency Member of Parliament, I have seen at first hand what a healing economy means in practice on the ground. Interestingly, the motion is all but silent on jobs, as other Members have mentioned. The shadow Chief Secretary referenced the 2010 autumn statement in his opening remarks. Strangely, he did not touch on the response that was given by the then shadow Chancellor, the right hon. Member for Kingston upon Hull West and Hessle (Alan Johnson), which predicted a “jobless recovery” in this country.
My constituency of Winchester has seen a 50% drop in the youth claimant count in the last 12 months and an overall fall of 64% in the number of people looking for work since April 2010, so when the Chancellor talks about hard-working families and people who do the right thing—the Prime Minister repeated those words today—I firmly recognise my constituents in what he says. Yes, Winchester is a wealthy place in relative terms: house prices are well above the national average and we have some high earners working in law, medicine and financial services. That is fuelled partly by our proximity to London and the City. However, there is another Winchester where the average wage is £26,000 per year and where every penny counts.
My constituents are not fooled by political rhetoric. They know what they have seen with their own eyes over recent years. They know that being in work, not so that they can enjoy an extravagant lifestyle where it is a disappointment if they do not ski at least twice a year, but so that they can live their lives and provide for their families, is what actually matters.
The fact that the Government have made it possible for Eastleigh borough council, Winchester city council and Hampshire county council, working together, to freeze council tax over the five-year period is a big deal to my constituents. It has saved about £1,000 for a family living in an average band D property in my constituency. The fact that the Government have frozen fuel duty has not gone unnoticed, either. That move has hit the bottom line of family finances, in a positive way, to the tune of some £570 for those who fill up an average family car once a week. My constituents also know what security in retirement means. Again, it does not mean having the means to spend half the year cruising the world, perhaps from nearby Southampton; it means being able to enjoy good health and to help their grandchildren with their swimming or ballet classes on a Saturday morning. They know that it is those things that really matter.
The working families I represent remember the last Government. They see that it is a Conservative Prime Minister, a Conservative Chancellor and a coalition Government who have raised the personal income tax allowance to £10,000. In my constituency, that means that about 40,000 people on lower and middle incomes are keeping more of their money in their pocket each month. As we know, a typical taxpayer saves about £800 a year under that policy.
The decent retired folk I represent in places such as Chandler’s Ford remember the last Government, with the 75p increase in pensions and the £5 billion a year raid on their pension pots, which was one of their first acts in office. More than ever, those constituents are not tricked by the sleight of hand of politicians in Westminster. They have seen this Government introduce the triple lock pension guarantee, they have seen the largest ever rise in the state pension and they have seen that those important universal pensioner benefits have been protected throughout the lifetime of the Parliament, exactly as we promised.
I spent a year working at the Department for Work and Pensions with my right hon. Friend the Secretary of State for Work and Pensions and our superb Lib Dem Pensions Minister. I know, as do the people I represent, that this is a Government of work and pensions. That is very important. The employment figures that I read out earlier represent real people’s lives. The youth claimant count is especially pleasing because, as well as representing many people with families who are at the same age and stage in life as me, I represent many young people. There is a thriving university in my constituency and there are thousands of young people who need a bit of help.
The “dinkys”—dual income, no kids yet—are benefiting big-time from a growing economy that is creating jobs for them to find and settle into. They have the most to lose if this country goes backwards again next year. They have aspirations, such as owning their own home, driving a nice car and being able to afford a season ticket down at Southampton—although that would not be my choice—and I do not resent them for that. I do not scoff or sneer at their ambition just because that is not what everyone can afford.
Those people, whom I represent, are well educated, global in their outlook and highly mobile. They love the fact that Winchester is now the self-employment capital of England, according to a recent study. It is a vibrant place, where start-ups are at a record high. Centres such as Basepoint in Winnall, which I opened early in my time as an MP, are full of new businesses that are bursting with energy. People commute to London when they have to, but they recognise that the city council has an ambition to reduce outward migration each day for work by keeping big companies, such as Denplan, in the city. They do not dismiss out of hand the redevelopment of Station approach in Winchester because they know that it will provide new commercial space so that employers can come to the city and provide new jobs.
Does my hon. Friend agree, as a fellow cathedral city MP, that there is a huge amount that can be done on the ground to help the growth in his city? He has done a lot to make the cathedral city of Winchester come alive with markets and skating rinks around the cathedral. Similarly, there were 200,000 people at Gloucester Quays last weekend for the Victorian market. Those are all ways in which growth can appear in our constituencies, but they are not recognised by speakers such as the right hon. Member for Oldham West and Royton (Mr Meacher).
Absolutely. We have such a positive go-ahead outlook in the Christmas city, which is how Winchester has branded itself. Judging by the number of people skating and shopping at the Christmas market, it is the Christmas city. I urge Members to come.
We might have had some fun with the Opposition motion, but I applaud them for putting the economy at the head of an Opposition day. I would argue that every Opposition day that they have called during this Parliament has been about the economy. In my constituency, Help to Buy has helped 65 families to buy a home and get themselves on the housing ladder, which is fantastic. School places were the biggest issue in my constituency when I became the Member of Parliament. Some £10.2 million of investment later, we have Hampshire’s first all-through school and new primary places. The local NHS in my constituency has an investment of £25 million coming down the line, which will bring world-class, 24-hour consultant cover for my constituents.
None of that, as the Prime Minister said today at Prime Minister’s Question Time, would be possible without a growing economy. That is what is at stake in our country next year. There is a pledge of much more to come because we will further raise the personal income tax allowance and change the 40p tax threshold if we are re-elected next year. Finally, Bill Clinton has been mentioned once today and here is something else that he said. When he was seeking re-election, he said, “What is our opponents’ case against us? It is that we’ve only cleared up half the mess they left behind.” We know how he felt.
(9 years, 11 months ago)
Commons ChamberInterestingly, a lot of Labour MPs have regularly asked about long-term youth unemployment during Treasury questions over the past couple of years. I bring that up because the hon. Lady asks about this, but long-term youth unemployment is now lower than it was when this Government came to office. We heard a lot of complaints about long-term youth unemployment over the past two years, so let us have some Labour Members congratulating the Government now.
7. What measures he has introduced to reduce the level of tax paid by households.
The Government have done a vast amount to reduce the tax burden on working people. By the end of this Parliament, without the Government’s changes to the tax system, 3.2 million low-paid individuals whom we have lifted out of income tax would still have been paying income tax, it would have cost the typical motorist £10 more to fill up their petrol tank following the rise that the previous Government planned would take place yesterday, and the council tax bill for a family in a band D property could have been up to £1,100 more. This is all part of our long-term plan to build a stronger economy in a fairer society.
Around 40,000 people in my constituency will benefit from the Government’s decision to raise the tax limit. That helps those on low and middle incomes to keep more of the money they earn in their pocket each month, which shows the Government’s good values in action. Will my right hon. Friend confirm how much more someone in my constituency on the minimum wage will save as a result of our actions?
My hon. Friend is absolutely right to stress the importance of lifting the income tax personal allowance, which was a Liberal Democrat manifesto commitment for working people in this country. A full-time worker on the minimum wage will pay three quarters less income tax than they would have done in 2010. A typical basic rate taxpayer will save £800 in cash terms in the next financial year.
(10 years, 6 months ago)
Westminster HallWestminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
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I must confess that as an MP representing a Welsh constituency, I benefited significantly last week when Parliament was in recess because it was half term in England. When I went home to Cardiff, all the places I took my small children were mercifully empty because half term in Wales is this week. There is already a difference between some areas, and it is possible to enable that on a broader basis in order to extend the peak period, which would hopefully bring down prices across the sector.
To conclude, the Government are not convinced that higher prices in school holiday periods are the result of market abuse by the holiday industry. Rather, they reflect market forces in a very competitive sector, and are made worse by the fact that there is international competition as well. I recognise the fact that family holidays can be incredibly valuable, but they should not be at the expense of a child’s education. School attendance throughout the school year remains critical—we know that pupils who stay at school for longer do much better in their final exams.
I absolutely agree with the Minister, but although we know that school attendance is important, we also know that parents are not daft. A constituent of mine who is a governor at a primary school in Winchester said to me that the changes to the rules are an insult to his intelligence and discretion—he would never dream of taking a child out of school at a crucial time. I find it perplexing that a Conservative Government are meddling in this area full stop, but we should think especially about the early years—reception and year 1. Does the Minister have a view on whether there should be more discretion during a child’s early years in primary school? Do we really need to come down on head teachers and question their integrity in the way that we appear to be doing?
I completely disagree with the hon. Gentleman. The Government are actually ensuring that head teachers have the discretion to make a decision in exceptional circumstances. Clearly, the decision that a head teacher makes will involve looking at the child’s age, the circumstances under which the parent has applied and so on. The point of the regulations that the Government have put in place is that we are leaving it to the discretion of head teachers to take into account individual circumstances and make a judgment. That is exactly the reverse of Government meddling. However, the issue is not just the effect on a child’s education. As I and a number of other Members have already said, when a child is taken out of school in term time, that does not just affect that child’s education; it has a broader impact on the school, the teacher and other pupils in the class. We must take that into account as well, and I am sure that head teachers will consider that when making decisions.
Finally, I congratulate the House on this very lively debate. It has been a really good example of a debate in which a number of different views have been put forward but the tone has remained extremely pleasant. I have an awful lot of points to feed back to the Department for Education, and I am sure that Ministers have been listening carefully and will respond to Members’ concerns. Thank you very much, Dr McCrea, and I congratulate Members again on a really good debate.
(10 years, 7 months ago)
Commons ChamberI think the hon. Gentleman has a challenged memory of events. I am sad to see that he had an opportunity to apologise, but did not take it.
Let us look at the facts. At the time of the changes Labour was making to the financial sector, my right hon. Friend the Member for Hitchin and Harpenden (Mr Lilley) warned the then Government in November 1997:
“The process of setting up the FSA may cause regulators to take their eye off the ball, while spivs and crooks have a field day.”—[Official Report, 11 November 1997; Vol. 300, c. 732.]
Let me share another quote, in this case from the current shadow Chancellor from a speech he made as City Minister in 2006:
“Nothing should be done to put at risk a light-touch, risk-based regulatory regime.”
What we are hearing from Labour is the same old headline-chasing nonsense that we have come to expect and no answers at all to the problems they created.
I agree with the hon. Member for Nottingham East on one thing: public confidence in the banking system and in bankers is still low, just as—let us be honest—public confidence in the political system and the people in this Chamber is still low. That is precisely because, five years ago, partly as a result of the irresponsible decision of some bankers, but largely as a result of the policies of the then Labour Government, our country found itself in a huge mess. When trust is lost on that scale, it is not won back overnight.
Perhaps the Minister can answer this question because the shadow Minister did not give way to me. The shadow Minister said that restricting the number of branches that banks can hold will not close branches, but of course it will. What does he think closing branches will do to people’s faith and belief in the banking sector. I have three branches of Barclays in my constituency—in Chandlers Ford, Alresford and Winchester—so if, God forbid, a Labour Government were ever elected, which one would they propose to close?
My hon. Friend highlights the fact that the Labour party has no ideas about how to increase competition in the banking sector, and any kind of approach that includes arbitrary quotas will clearly lead to the sort of problems that my hon. Friend outlines.
(10 years, 10 months ago)
Commons ChamberMy hon. Friend mentions the sophistication test, and I will be coming to that; it is indeed something that concerns me and the all-party group.
We have found consistently that banks are admitting a mis-sale in about 93% of cases. Had we found, in the consumer mortgage market, that 93% of mortgages had been mis-sold, would we have allowed nine months to pass between those findings and the situation we now face? We have to ask the question: is it right that these businesses should be treated differently because they are small businesses, when we have found that there has clearly been mis-selling?
I have many constituents, some of whom are outside this place today, whose businesses are in limbo while they wait for this interminable delay to be sorted. They are unable to press on and employ the people they want to, to grow their businesses, pay their taxes and help to grow the economy, which is what we all need to happen. That is the bigger point in this debate: the impact on the wider economy.
That is right and this whole scandal has shown how it has been possible to pass the blame between banks, the FCA and the Treasury, and nobody will take any responsibility for what has been an absolute scandal.
I have seen this in my casework. Mr and Mrs Chadwick buy and sell homes and their business has been very successful. These small and medium-sized companies are not just viable; they are successful. It is only because of this mis-selling scandal that they are going bust. I cannot understand the logic of this: what interest does a bank have in a business going bust and losing all its money? The logic of that is beyond me.
I am also concerned about banks that have taxpayer funding, such as RBS, which has a lot of these cases. We must look much more carefully at the link between the regulator, the banks and the Treasury.
I agree that proper criminal penalties must be imposed on those banks, individuals and organisations that have been proven to have been part of this injustice, and I also agree with the call for a moratorium.
The issue of suspensions and the length of time this has all taken was raised with me at a business breakfast in Winchester last week. This has generated so much anger. While it was understandable that there were no suspensions while things were supposed to be done on a shorter time scale, it has now taken 16 months in some cases. That is why it is causing real hardship and anger, and I hope that point comes across loud and clear to the FCA, which I know is listening to every single word this morning.
I could not agree more. I do not know whether other Members have received a letter from Barclays today outlining, in not very easy-to-understand English, what it is doing and proudly proclaiming how “tightly controlled” and “heavily scrutinised” the review is
“whereby all the banks involved are required to develop a detailed methodology for agreement”,
blah, blah, blah. It goes on and on and on. If this is phrased in anything like the same way as the products individuals were sold, I am not surprised they did not understand what was going on.
I agree. The banks should move much faster. Today’s announcement from the two banks is welcome, but other banks should take a serious attitude to not only the amounts but the timing of redress payments.
Hon. Members have also voiced concerns about the large number of businesses that have been assessed as sophisticated and so fall outside the scheme. My understanding is that the FCA used as a starting point the criteria for non-sophisticated customers set out in the Companies Act 2006. As such, the test reflects the fact that larger businesses would have greater resources to seek advice on the products in question, both at the time of sale and subsequently. Moreover, I understand that the FCA then amended the sophistication test in January to ensure that certain companies, which were classified as sophisticated under the Companies Act test but which might reasonably be considered to be non-sophisticated, were also brought into the scope of the review.
Throughout this debate, the Government have been clear that when a business lacked the necessary skills and knowledge to understand fully the risks of the products, it should receive the appropriate redress. We do not agree that all businesses should have access to the FCA review; there needs to be a defined cut-off point beyond which more sophisticated businesses take responsibility for understanding the products that they entered into. I am confident that the FCA has found the right balance to ensure that all non-sophisticated businesses fall inside the scheme.
I will not be able in the time available to address all the questions raised, but I might be able to help with a couple in particular. Some Members asked whether insolvency could be a reason for banks to try to delay the redress process. I assure the House that that could not be a reason. No one wants businesses to go insolvent, but if, sadly, they do, they will still be part of the review process. If mis-selling is found to have happened, banks will still be liable and on the hook—they will gain no advantage from the insolvency of a company.
Hon. Members, including the shadow Minister, asked whether the FCA could consider setting a deadline. There is a good case for the FCA to consider that, but it would have to be its independent decision. Due regard must be taken of the fact that it might take longer to sort out the most complex products, but it would be good for the FCA to consider whether setting a deadline would help to speed up the process.
A number of colleagues have mentioned this. Does the Minister have a view on a truly independent appeals process? Given that 93% of the cases looked at thus far have been non-compliant, the number involved would not be massive.
As my hon. Friend will know, there is a necessary degree of independence in the process. However, he raises a good point, which, as he said, has been raised by others today. It is important to make sure that there is confidence in the process. If confidence does not come about in the coming months, the FCA may have to review things and the process that my hon. Friend suggests could be taken forward.
I end by reiterating that the Government take extremely seriously the abuse that has taken place in very many cases. I sympathise wholeheartedly with campaigners in the Chamber and beyond. I am determined that any wrongs inflicted on businesses should be put right and want a quick solution to the mis-selling of interest rate hedging products.
Small businesses are the backbone of our economy and they should be allowed to draw a line under this issue and get back to what they do best—working hard, creating jobs and creating growth for the UK economy. Once again, I thank hon. Members, particularly my hon. Friend the Member for Aberconwy, for bringing the issue to the attention of the House. I assure them that I will make sure that the issue continues to receive the highest level of attention from the Government.
(10 years, 11 months ago)
Commons ChamberThe hon. Gentleman will be aware that some of the construction numbers of late are much more encouraging, and the Government are taking action to improve house building, including our Help to Buy proposal. Believe it or not, not every problem this country faces can be solved by another tax.
5. What recent steps he has taken to support small businesses.
13. What recent steps he has taken to support small businesses.
This year the Government are taking further steps to help small businesses. We have increased the investment allowance tenfold, and from next April we will introduce a new employment allowance worth £2,000 for every small employer, taking around one third of small employers out of employer national insurance contributions altogether. From next Monday we will help small businesses get the best deal from their banks by guaranteeing that they can switch their accounts within seven days. That service will also be available to families, which is real choice and competition in banking being introduced by the Government.
I thank the Chancellor for that answer. I know he will want to welcome the new business centre I opened recently in the centre of Winchester, which is part of our plans to find and develop new start-ups. That is all happening in the light of increased business confidence, increased takings and reduced vacancies on the high street. Will he therefore join me in backing Winchester city council, which is working strongly in partnership with the business improvement district to help drive recovery in my area?
I certainly welcome that. I met members of my hon. Friend’s local authority who came to Downing street to tell me about the business improvement district. That involves the local council, the local MP and local businesses working together to attract jobs and investment to Winchester. I congratulate him on the leadership he has shown.
(11 years, 6 months ago)
Commons ChamberThere is no complacency about dealing with the mess that the right hon. Gentleman left behind. He talks about the economy over the last couple of years. Let me tell him what has happened in the Morley and Outwood constituency. In his area, the unemployment claimant count went up 190% under the last Government; it has fallen by 7% under this Government. The youth claimant count was 161% up under his Government; it has come down by 10% under this Government. We are fixing the problems that he created. The only job that he is interested in saving is his own. The truth is that while he remains in the post that he is in, he is a reminder to everyone of all the mistakes that Labour made when it managed the economy.
Order. This is a considerable discourtesy to the House. The hon. Gentleman must have his question heard.
Thank you very much, Mr Speaker.
A number of my constituents have been caught out by the high interest rates charged on payday loans. At a time when many families are struggling with high levels of personal debt, what are the Government doing to ensure that consumers are protected against bad practices in that industry and the often extremely high interest rates that are charged on such loans?
I know that my hon. Friend is passionate about this issue, and he is right to raise it today. The Government are committed to ensuring that people who borrow from payday lenders are protected against bad practices. Last January, we announced our intention to transfer the regulation of consumer credit from the Office of Fair Trading to the new Financial Conduct Authority. The FCA will have powers and sanctions to address consumer detriment in the consumer credit market, and we will shortly be publishing consultation on this very issue.
(11 years, 11 months ago)
Commons Chamber9. What plans he has to maintain low market interest rates.
My hon. Friend is right: low interest rates are secured by credible, economic and fiscal policy, and delivered by the independent Bank of England. Sir Mervyn King has been an outstanding Governor of the Bank, and has helped set monetary policy to support our economy through one of its most challenging periods in modern history. He is serving his second and final term as Governor, and will retire on 30 June 2013.
I can tell the House today that I have decided that the appointment of his successor will be conducted through fair and open competition. For the first time in history, the post will be advertised and the advertisement will appear in the press later this week. As with Mervyn King, we are seeking a Governor of intelligence, independence and integrity, and we intend to announce the successful candidate by the end of the year.
I thank the Chancellor for that response, and I welcome his announcement.
Those looking for a home in my Winchester constituency want to know that their Conservative council is building new council homes for the first time in 25 years. Those looking to buy in the private sector want to know that they can get on the housing ladder and get a mortgage, with some certainty that they can repay the money over the years to come. Will the Chancellor reassure my constituents that, unlike the Labour party, he understands that even a small rise in interest rates will have a punishing effect on family budgets?
My hon. Friend is absolutely right. Low interest rates are crucial to the recovery, and a loss of confidence in the UK’s ability to pay its way in the world will lead to an increase in market interest rates, an increase in mortgage costs for millions of families, and, of course, an increase in borrowing costs for businesses. It would be a disaster, and that is why the Government do not take the path advocated by the Labour party. We also want to ensure that low interest rates are felt by families, which is why the funding for lending scheme announced jointly with the Bank of England is already leading to banks offering cheaper mortgages. The combination of our Firstbuy and NewBuy schemes is also helping families to buy their first home.