IN MY VIEW

Anyone who has tried to sell a house recently will be only too aware that since their introduction Home Information Packs have cost an already beleaguered housing market more than £650 million. Evidence suggests that very few buyers and sellers value the packs and quite frankly I can see no reason to maintain such an excessive burden on the market.

 

The independent Carsberg Review on HIPs warned that they were the ‘worst of worlds’, adding to red tape and costs and not providing reliable information. It warned that they were duplicating costs, since ‘a substantial number of conveyancers ignore its existence and recommission searches on receiving instructions from their buyer client’.

In my view HIP providers should develop a replacement pack which consumers value, then I believe they will be supported. However, I do not support any element of compulsion and would not be in favour of forcing sellers to buy a pack.

Supporters of HIPs claim that the packs have become a valued information source in the homebuying process and that they represent a cheap and effective means of conveying information to prospective purchasers. If this is the case, consumers will undoubtedly continue to commission and use voluntary HIPs should the industry develop the right product. 

The good news is that our economy has officially entered recovery. That start of growth we've been hoping for has finally appeared. The bad news is that our underlying problems still linger - putting our economy at risk of long-term malaise. Kick-starting true recovery requires urgent action on the deficit, on banking regulation, and action to build sustainable growth.  

The UK is forecast to have a budget deficit of over 13 per cent of our national income this year - the worst in the developed world. We are living well beyond our means. But some argue that we must be cautious about attacking the deficit too early for risk of damaging growth.

I disagree. Delay is an impediment to recovery. It leads to uncertainty and loss of confidence. It risks forcing up interest rates and mortgage rates, discouraging investment and undermining recovery.

Alarm bells are already being sounded. World-leading economists warned that Britain's credit rating may plummet.   The Governor of the Bank of England and the Organisation for Economic Cooperation and Development have echoed the importance of taking swift yet sensible action to address the deficit.  We would do well to remember that historically, fiscal consolidation leads to higher, not lower economic growth.

One vital area which would stand to benefit is the retail sector. Retail is at the heart of our local community, providing a focal point for residents as well as a place of interest for visitors.  A vibrant retail sector is essential to Dorset’s economic recovery, helping to create jobs and stimulate product innovation.

I believe we have great cause to be hopeful for Britain's economic future. We have always been an open, trading nation. We have a proud history of inventing the goods and services people want to buy.

But in the modern, globalised world, no-one owes us a living. We must be bold enough to make the right judgments - however difficult they may be - to ensure the long-term health of our economy and international reputation. By showing that we are a sound long-term prospect, Britain will be back in business.