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Balls plans 4G spending

Balls plans 4G spending
Ed Balls would spend the money from the auction of 4G mobile frequencies on building affordable homes and a stamp duty holiday, he announced today.

In a speech to the Labour conference Mr Balls said that 100,000 more affordable homes could be built to "kick-start the economy and create hundreds of thousands of jobs". Labour would also enact a two-year stamp duty holiday for all first time buyers purchasing properties up to £250,000.

Mr Balls this morning told BBC Breakfast people were “fed up of the Government making excuses” for the lack of economic growth.

"The reason why our deficit is going up now, is because we’re in recession and the Government is failing on the economy and I’m setting out a clear and costed plan today," he said. "I think your viewers are fed up off the Government making excuses they want action now and a labour government would act to get people back to work and get the deficit down."

But the Tory Minister for Business Matthew Hancock has hit back at the plans, saying the Shadow Chancellor "isn't learning".

"He’s got his sums wrong by billions of pounds, so his plans would mean either cancelling billions of private sector investment on science and skills or having to borrow even more money," he said.

"No wonder Labour left this country with the biggest budget deficit of any major economy."

At his conference speech Mr Balls also announced that chair of the Olympic Delivery Authority, Sir John Armitt, would be leading an infrastructure review for Labour.

He told delegates: "At a time when government budgets are tight, we must think innovatively about how we can finance these vital projects over the coming decades, drawing on the private sector and long-term pension savings."

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