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01 November 2013

CHC comments on tax and borrowing powers announcement

Community Housing Cymru has welcomed today's announcement by the Prime Minister and Deputy Prime Minister that Welsh Government will have more responsibility for tax and borrowing powers in future.

The announcement will see the devolution of stamp duty land tax to Wales, along with borrowing powers to build an M4 relief road and a future referendum on the devolution of income tax.

CHC Group Chief Executive Nick Bennett said: 'The property market in Wales has a number of distinct characteristics. The devolution of Stamp Duty Land Tax gives Welsh Government an opportunity to develop tax policy in this area that is more closely aligned with the needs and circumstances of Wales.'

'We were delighted to hear the Deputy Prime Minister call for the funds raised by devolved taxes to be used to build affordable housing, and this is something we would fully support. Welsh Government has prioritised affordable housing in this Assembly, but more must be done to address the supply crisis, and today's announcement will present them with a number of economic tools to do so.'