Treasury Secretary Janet Yellen has revealed plans to address the housing supply shortage that is contributing to soaring prices across the country. The Biden administration is taking action to improve access to affordable housing in response to the current housing crisis.

Labour has announced plans to construct 1.5 million new homes in an effort to address the housing crisis in the UK. Keir Starmer, the leader of the Labour party, has promised to push through planning restrictions to make this ambitious goal a reality. Experts believe that this initiative will not only provide much-needed housing for Britons struggling to find suitable accommodation, but it will also stimulate the economy by putting money back into people's pockets. If Labour succeeds in winning the upcoming election on July 4th, this housing plan will be a key part of Starmer's agenda. The party is aiming to make a significant impact on the housing market and improve the lives of many individuals who are currently facing difficulties in finding affordable and suitable housing options. Overall, the construction of 1.5 million new homes has the potential to make a positive difference in the lives of many Britons who are currently struggling with housing issues. It remains to be seen whether Labour can successfully implement this plan and deliver the change that the country desperately needs.

The housing crisis is putting pressure on the Labour party, forcing them into planning disputes. The shadow housing minister recently objected to the construction of high-rise flats in his constituency, highlighting the challenges that Keir Starmer will face as he aims to build 1.5 million new homes. Heavenly Tucker, a 26-year-old cafe manager, has been waiting for over two years to find her own home. Every Wednesday, she logs on to Greenwich council's housing website to bid on available properties, but her chances are slim. Living with her mother, Tucker is single and without dependents, making her a low priority for social housing. Renting privately would cost her £1,300 a month, which is unaffordable even with her two jobs. The housing crisis is a pressing issue that Labour cannot ignore. As they strive to fulfill their promise of building 1.5 million new homes, they will inevitably face challenges and conflicts in the planning process. The dilemma of balancing the need for more housing with the concerns of local communities is a tough one that Labour will have to navigate carefully.

Vistry has announced the sale of 1,750 homes to Blackstone, with the properties set to be managed by private rented housing firm Leaf Living. Meanwhile, retail sales in the UK saw a slight increase in May. In the financial markets, both UK and European shares are experiencing losses, with oil prices also falling as investors anticipate an increase in supply later in the year. The FTSE 100 index in London is down by 0.4%, while Germany's Dax and France's CAC have both dropped around 0.3%. Italy's FTSE MiB has seen the largest decline, falling by nearly 0.7%.