In September I wrote that the Government must ditch boom-and-bust housing caused by its reckless Help To Buy policy.
My concerns are now shared by the Bank of England, the Treasury Select Committee and a number of industrialists.
The risk of taxpayers guaranteeing £130billion to subsidise mortgages on houses costing up to £600,000 is crazy.
It is the same formula that destroyed British business, the American housing market and Western banks during the crash of 2009. All it will do is create a quick boom for property developers looking for big profits and do nothing for people who need affordable housing.
Thatcher's Right To Buy cost the public finances hundreds of millions of pounds and took more than a million council houses off the market 30 per cent moved to the private rented market.
George Osborne has announced a review to prevent boom conditions. The Chancellor should give higher priority to building affordable houses.
He should also deploy joint equity schemes, using public land to produce houses available for just £60,000.
A five per cent mortgage subsidy on a £600,000 house should be switched to building affordable houses at a third of the price or joint equity homes at 10 per cent of that price.
Why are our poor communities with no homes financing mortgages for the wealthy? All in it together? Like hell we are!