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Article: Brown's plan wins no fans Building societies look to merge as experts turn on Labour's housing plan, writes Edmund Conway
- Article from:
- The Sunday Telegraph London
- Article date:
- September 7, 2008
- Author:
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Copyright informationCopyright 2008 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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It didn't take long for the economists, industry experts and
campaigners to declare Gordon Brown's housing rescue plan a major
disappointment. While the Nationwide, Britain's largest building
society was secretly plotting its own response to the collapse in
the market - it is in advanced merger talks with the Derbyshire and
one other smaller mutual - the Prime Minister's measures aimed at
supporting homes vulnerable to the slump were described as
"piddling" by some commentators and his stamp duty holiday derided
as insignificant and ineffectual.
But it wasn't until 48 hours later on Thursday that Halifax
delivered the final stinging punchline, house prices fell by some
1.8 per cent in ...
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