City housing ‘bubble’ row splits Lib Dems
A RIFT has emerged at the top of the Liberal Democrats after a senior Cabinet member said the north-east was on the brink of the type of housing market bubble which caused the global financial crash.
Business Secretary Vince Cable warned that a flagship UK Government scheme should not go ahead because of “serious housing inflationary pressures” in the region and London.
But Lib Dem leader Nick Clegg and chief Treasury secretary Danny Alexander dismissed the claims yesterday, saying “we are a million miles away from a housing bubble”.
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