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Government blew £2m promoting 'sham' Help To Buy Isa scheme, says Labour

Published 22/08/2016

Labour claims the Government has blown millions on advertising a 'sham' Isa scheme for first time buyers
Labour claims the Government has blown millions on advertising a 'sham' Isa scheme for first time buyers

Millions of pounds have been blown by the Government on advertising a "sham" Isa scheme aimed at first time buyers, Labour has claimed.

The party's shadow chief secretary to the Treasury, Rebecca Long-Bailey, expressed concern that £2 million has so far been spent promoting the "misleading" Help To Buy Isa savings initiative, with another £560,000 earmarked for use.

Ms Long-Bailey insisted people had been "shocked" to discover the Government "bonus" on the savings does not get paid out until the property has been purchased, meaning it cannot be used for an initial deposit.

"Housing policy under this Tory Government has been a failure.

"Over the weekend we learned that over £9 billion goes into the pockets of private landlords when instead we should be building council houses, and it was also revealed that the Tory Isa for first time buyers was a sham.

"Adding insult to injury we learn the Tories have blown millions of taxpayers' money on advertising the first time buyer sham," said Ms Long-Bailey.

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