4G licenses will raise money to help the UK economy
Fourth generation (4G) mobile network users will help first time buyers get a home.
Billions of pounds raised from selling 4G mobile licenses will fund new buyers and housing development. The plan will be announced by the Labour party today, according to Metro. See also: Everything Everywhere launches 4G in UK with new brand.
Ed Balls will tell the Labour party conference: "In the good times, Labour used every penny of the £22bn from the sale of the 3G licenses to pay off national debt. But, in difficult times, we urgently need to put something back into the economy."
He will pledge that £500m of the money raised will pay for first time buyers' stamp duty on properties up to £250,000. This could save them a possible £2,500. See also: EE 4G in the UK: what you need to know.
EE, formally Everything Everywhere, will launch the UK's first 4G network, offering users faster mobile broadband on the go. 4G smartphones will be launched in the coming weeks including the Samsung Galaxy S3 LTE and Nokia Lumia 920 LTE.
A further £2.5bn will then be spent on building 100,000 more affordable homes. As well as helping buyers, Labour wants to revive the construction sector which shrunk by 10 percent in the first half of the year.
The idea was welcomed by the construction industry and housing charities but Conservative party Chairman, Grant Shapps said: "Labour isn't learning. At the Labour party conference it's more of the same. They think you can solve anything with spending money."