Home information packs (Hip) could potentially wipe up to £5.7bn in gross domestic product from the UK economy and make almost 100,000 people jobless in the first year of their introduction, an independent report has said today.
The report commissioned by mortgage lender GMAC-RFC, reveals a nightmare scenario in which Hips lead to a downturn of 25% in housing transactions after their introduction to the housing market next June. Oxford Economic Forecasting, which also carries out studies for the Treasury, the Department for Trade and Industry, the International Monetary Fund and the World Bank, states consumer spending would also fall by 0.7% or £5.8bn. And net government revenue would fall by 0.9% or £5.6bn. GMAC-RFC, presented the research to all three political parties this morning as well as various other...
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