Labour has announced that it would use money from the sale of 4G mobile phone licenses to fund the construction of more housing.

Shadow chancellor Ed Balls will today make a speech at the party's annual conference in Manchester where he will outline that the £3 billion needed to make these plans come to fruition will be generated through the sale of this latest mobile phone spectrum.

If these proposals are met and the cash is made available, Mr Balls believes it will help to build 100,000 new homes providing a major a boost to the UK's property market which has been struggling in recent months.

Mr Balls will also highlight the need for a two-year stamp duty holiday for first-time buyers that is designed to encourage more people to get their first foot on to the property ladder, as opposed to continuing to rent their home. The shadow chancellor believes that this move, along with the boost in available housing, will help to provide significant growth to the country's economy. He is planning to launch this new initiative under the banner of 'Rebuilding Britain' in something which he describes as being "bold and urgent".

The shadow chancellor will say: "I'm not saying short-term things. I'm saying plan for the long term, be disciplined in public spending and put jobs first.

"I think most Labour party members and most voters in the country want discipline from an opposition on spending but they also want some hope for the future on jobs. That's what I will deliver and it makes me a bit unpopular with a few people. That's life."

The 4G technology is an upgrade on the previous 3G spectrum and is being used in the iPhone 5 and has also proved extremely popular with users, as many lined the streets outside Apple stores on the night of the launch. The auction of this mobile phone technology is designed to allow user to download music and stream content at much higher speeds than previously available.

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