Andy Haldane, an FT contributing editor and former Bank of England chief economist, outlines four pillars to address the UK’s housing crisis. Since 1975, housebuilding has averaged under 200,000 homes annually, falling short of demand. The Labour government aims to build 1.5mn homes by 2029 but lags by ~60,000-75,000 yearly.

Constraints include financing and resourcing. Public land valued at £400bn could be leased to local authorities, generating revenue via municipal bonds. This mirrors historical funding models. Second, development corporations run by commercial entities could pool expertise and financing.

Third, a streamlined planning regime reduces delays. Fourth, modular construction could cut costs and timelines by a third, creating jobs. These steps require no extra fiscal cost but could boost GDP by 0.3-0.4%. Andy Burnham’s focus on council housing aligns but faces hurdles.

Current limitations in LA/municipal capacity and fragmented sites hinder progress. Modular methods and public land utilization are key to overcoming these. The solution draws from past successes, prioritizing local public interests.