Housing

I shall not at this point, but I am sure that the hon. Gentleman knows that the Bank of England has written a letter to the Chancellor of the Exchequer pointing out that his policies are driving up interest rates and leading to higher inflation than at any other time for more than 10 years. There are increased house prices, mortgage rates and stamp duty. At that uniquely nervous time in the market, the Government are introducing a measure that creates the risk of unnecessary turbulence. Let me make Ministers an offer: if they drop all the unnecessary bureaucracy and concentrate on delivering the one good aspect of the package—the energy performance certificate—we will help them out of their mess. If Ministers press ahead with the folly, the country will know whom to blame for the mess that follows. As Lord Rooker said in another place:"““If it is a failure, we Ministers will carry the can. That is our responsibility.””—[Official Report, House of Lords, 20 October 2004; Vol. 665, c. 827.]" As matters stand, the Government’s approach fails three vital tests. The regulations do not command the confidence of the market. They will not speed up transactions or make the process of house buying less stressful—quite the opposite. They have not been prepared in a way in which anyone who is serious about combating climate change would consider adequate.