Plan for growth: Cameron brings back ‘right to buy’

By staff

David Cameron tried to address criticism of his economic policy this morning by bringing back Margaret Thatcher's 'right to buy scheme'.

Unlike the 1980's version, which was criticised for depleting the social housing stock without replacing it, the new policy will insist that a new home is made for each one sold.

The government will encourage new purchases by bringing back discounts cut down by Labour.

There are also plans for Whitehall to release vacant land and office space, with developers enjoying a 'build now, pay later' scheme to encourage production.

The plan could see 100,000 new homes created and 200,000 jobs by 2015, according to the government.

The plans were announced as delegates arrived in Manchester for the Conservative party conference, amid continuing concerns at the government's lack of a plan for growth.

The Conservative chair of the Treasury committee, Andrew Tyrie, echoed Labour leader Ed Miliband this Saturday when he said there was no "coherent and credible plan for the long-term economic growth rate of the UK economy".

The 'buy no pay later' scheme would let developers pay for the land when the houses are sold, with the price for the land linked to the sale price.

Whitehall departments have been reluctant to sell off some of the land under the control because the price is so low, but they will now be encouraged to make the land available.