‘Drop in mortgage approvals shows policies not working’

"First we discovered that there were fewer shoppers in December despite the VAT cut; now we discover house prices are falling sharply and mortgage approvals at a record low despite the stamp duty holiday introduced three months ago," he said.

"The new year shows that Gordon Brown’s policies are not working and the recession is getting worse not better.

"That is because an economic recovery depends on confidence in the future, and people do not have that confidence while we have a Labour Government in power bankrupting the country."

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