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Lib Dem conference: Nick Clegg rejects housing bubble fear Lib Dem conference: Nick Clegg rejects housing bubble fear
(about 1 hour later)
Lib Dem leader Nick Clegg has rejected fears a government scheme to back mortgages will lead to another unsustainable house price bubble.Lib Dem leader Nick Clegg has rejected fears a government scheme to back mortgages will lead to another unsustainable house price bubble.
Business Secretary Vince Cable has warned the Help to Buy scheme will inflate prices in parts of the UK.Business Secretary Vince Cable has warned the Help to Buy scheme will inflate prices in parts of the UK.
But Mr Clegg said "we are nowhere near" that and more houses need to be built.But Mr Clegg said "we are nowhere near" that and more houses need to be built.
He also told the BBC's Andrew Marr show he was willing to do a deal with Labour as well as the Tories in the event of a hung parliament. He also indicated he could do a deal with Labour as well as the Tories in the event of a hung parliament, in an interview with the BBC's Andrew Marr.
Making the case for coalition government, he said his "only" preoccupation was to make sure the Liberal Democrats were in government again in 2015.Making the case for coalition government, he said his "only" preoccupation was to make sure the Liberal Democrats were in government again in 2015.
He said the UK needed Lib Dems in government because they would act as a moderating influence on the bigger parties. 'Finish the job'
A Labour government would "wreck" the recovery and Tories governing alone would produce a recovery that was "neither fair or stable". He said the UK needed Lib Dems in government because they would act as a moderating influence on the bigger parties, telling Andrew Marr coalition was "much better than either the left or the right messing things up on their own all over again".
"It is my genuine belief that if we go back to the bad old days, not of coalition or balanced politics, but of either the left or the right dominating government on their own, you will get a recovery which is neither fair nor sustainable.
"I think Labour would wreck the recovery, and under the Conservatives - who don't have the same commitment to fairness which we do - you would get the wrong kind of recovery.
"Our message is that coalition is good, for the Liberal Democrats to stay in government is good, let us finish the job but let us finish it fairly."
He said Labour needed to "spell out" what they believed in.
But he added that he was "absolutely not" already discussing a second coalition deal with the Tories, because, "you have to let the British people have their say first."
Mr Clegg refused to be drawn on what his "red lines" might be in any coalition negotiations - the policies he "would die in a ditch for".Mr Clegg refused to be drawn on what his "red lines" might be in any coalition negotiations - the policies he "would die in a ditch for".
But he suggested the party's "signature policy" would continue to be taking the low-paid out of income tax and his aim would be to ensure everybody on the minimum wage paid "no income tax". Property prices
He said his message to voters at the 2015 general election would be: "We have done a good job in government. Let us finish the job - and finish the job fairly." But he suggested the party's "signature tune" would continue to be taking the low-paid out of income tax and his aim would be to ensure everybody on the minimum wage paid "no income tax".
And he said his party's commitment to a "mansion tax" on properties over £2m, raising £2bn, sent a signal that "even though we are committed to deficit reduction" that would not be achieved entirely through spending cuts.
Business Secretary Vince Cable has urged Chancellor George Osborne to rethink the Help to Buy Scheme, which is due to be extended in January to cover more home buyers than those just purchasing a new house or flat.
It will allow people to buy properties of up to £600,000 in value with a 5% deposit.
Mr Cable said the government should consider changing the policy or cancelling it "in the light of changing market conditions". Other critics have suggested the scheme could be limited to parts of the country where prices are depressed.
But Mr Clegg said there was no question of that happening and the policy would go ahead as planned.
"We are nowhere near back to that unsustainable housing bubble," he told Andrew Marr, adding that the government and the Bank of England "have means to ensure that doesn't happen again".
Visitor bond
He admitted prices in some parts of the country, particularly parts of central London , were starting to look like a bubble but said: "You can not set national policy based only on what happens in Kensington and Chelsea."
He said Britain's "housing crisis" was caused by too few new houses, something he claimed the coalition was addressing.
He also attacked Home Secretary Theresa May's immigration policies, describing an advertising van urging illegal immigrants to "go home" as "silly" and ineffective.
He said talks were still going on behind the scenes about plans for a cash bond to be paid by some overseas visitors to ensure they returned home when their visas expired.
Mr Clegg wants the bond to be set at £1,000 and be offered to visitors from "high risk" countries who have been refused a visa as a "discretionary tool" for immigration officers.
Ms May wants a £3,000 bond for all visitors from so-called "high risk" countries.