Faced with failure of the banks, the government steps in. That is the way it should be. It stepped in well beyond what had been thought possible before the credit crunch redefined the bankers’ role. Nationalisation had been unthinkable. Not now. For current information, see further details.
So what should the government do when faced with failure of the house building industry? And we are seeing systemic failure. Developers and house builders are unable or are shying away from risks now associated with building homes.
The industry’s talent is being tossed to the wind. Thousands of social homes tied to private sector development may not be built. The industry is grinding to a halt. This raises three important questions. Should the government step in? To what extent? And, how?
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