As a result of the fall in crude oil prices of more than 70 percent since summer 2014 until the beginning of this year, the latest figure for the year-on-year rate of change in the consumer price index (CPI, all items less fresh food) is minus 0.5 percent.
If you can speed up the pace at which it’s possible to get planning permission, which is the place we’re worst in the Doing Business study – If we can deal with those prices, we’ll get the supply of houses to go up, which will increase production and reduce prices.