The scale of the housing crisis is now as great as it was in 1951. That was the year in which Harold Macmillan, then housing minister, made his famous pledge to build 300,000 new homes a year. His success in achieving it helped pave his way to Downing Street. But decisions he made then can now be seen as the root of both the current critical shortage of homes and the matching inflation in values which so distorts housing policy. This is what the much-delayed housing white paper – due before the end of the month – has to tackle.

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