Chancellor's plans not well received

The chancellor of the exchequer has been accused of missing the point when it comes to getting young people onto the property ladder.

Alistair Darling recently announced plans to encourage lenders to provide more fixed-rate long-term mortgages.

However, his remarks have been met with a lukewarm reaction by many, in particular, opposition MPs.

Liberal Democrat shadow chancellor Vincent Cable has voiced concerns, suggesting that Mr Darling's plans will not solve the problem.

"I can see that for people on the margins and unable to get into the market it provides them with some temporary relief," Mr Cable told the Guardian.

"The problem is that people's mortgages are continuing into their retirement and old age and they will never be able to repay them."

These sentiments were echoed by the Council of Mortgage Lenders which called for the government to focus on "affordability".

"The real question for most house buyers is greater supply, and, to a lesser extent, stamp duty," added CML spokesman Bernard Clarke.

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