The government may cover between 15% and 25% of any shortfalls from defaulted bank loans given for the repair of leaky homes under a financial assistance package, with banks then having to take on the remaining risk.
Central government has said it would stump up with 25% of repair costs, while local government would provide another 25% if the respective council signed off consent for the building work. It is expected home owners would then borrow the other 50% or 75% of the costs from a bank.
Here’s an idea for when Labour gets back into power. They could set up a Corporate Welfare Working Group and ask John Minto, Chris Trotter and Keith Locke to look at ways to reducing chronic long-term welfare dependency in our finance, telecommunications and media companies. These organisations really need to be more aspirational for themselves.