'Get Britain building again': New UK finance chief restores housing targets

A former Bank of England economist, Rachel Reeves was appointed as Britain's first female chancellor of the exchequer — equivalent to a finance minister — on Friday.

"I have repeatedly warned that whoever won the general election would inherit the worst set of circumstances since the Second World War. What I have seen in past 72 hours has only confirmed that," newly minted Finance Minister Rachel Reeves said in her first major speech in the post on Monday, adding that "no where is decisive reform needed more urgently than in the case of our planning system.

Housebuilding has surfaced as a key priority of the Labour government, which seeks to cut through the red tape that has chronically fettered housing supply and ballooned the country's real estate market. A total of 212,570 new homes were completed last year under the Conservative administration,that U.K.

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