The Home Builders Federation (HBF) has told MPs that the Government had been far too slow to react to the housing crisis and that drastic action was needed to reverse the dramatic downturn in the housing market before more jobs were lost.

And whilst welcoming Government action taken so far, including the Homebuy Direct announcement, John Stewart, HBF's Director of Economic Affairs said that Government action had been consistently too slow in arriving and nowhere near comprehensive enough.

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HBF made a series of suggestions to Government in early 2008 and only now, after many businesses have failed and jobs been lost, are significant steps being taken,and they are still not enough.

Speaking at the Communities and Local Government select committee inquiry in to housing and the credit crunch, John Stewart told MPs that the significance of the housing market to the wider economy meant it was imperative that the Government acted.

He said: "We have been warning Government for many months that it needs to act and the action taken, whilst welcome, has been far too slow. They have lacked urgency. We need much more to be done now, as every day it fails to act sees more industry capacity lost, more jobs lost and more businesses disappearing.

"Crosby must be acted on now. He was commissioned in the budget and now they are talking about waiting til the next budget to act. They have waited and waited again when urgency is needed. "

(CD/JM)