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  Labour pledges billions to build 200,000 new homes per year if it wins next election
  
  The programme would also provide a stimulus for the economy and create tens of thousands of jobs in the construction industry
  
  The shadow Chancellor will announce plans for the Treasury to underwrite the cost of building several new towns to enable Labour to double the number of new homes being built each year to at least 200,000 by 2020.
  
  Labour also plans to increase government borrowing to fund more building by councils and housing associations. Although a final decision will be taken closer to the 2015 election, it could channel an extra £10bn into such social housing. Labour has promised to stick within the Coalition's ceiling on day-to-day spending by government departments, which includes frontline services and wages, for the 2015-16 financial year but plans to outspend it on building projects. Its housebuilding programme would also provide a stimulus for the economy and create tens of thousands of jobs in the construction industry, Labour will argue as it makes housing a key dividing line at the election.
  
  Mr Balls will tell the National Housebuilding Council (NHC) today: "Housing must be at the centre of Britain's economic policy. New homes are currently being built at less than half the level that our country needs and it is the youngest generation that is set to lose out. Under this Government, housebuilding is at its lowest peacetime level since the 1920s. And by 2020, we are on course to have a shortfall of over 2m homes."
  
  Full story Independent.

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