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Business quote of the day.

"The banks are really ripping off the people who want to borrow money to buy homes"

New Statesman
Photograph: Getty Images

"I think the banks are really ripping off the people who want to borrow money to buy homes"
 Mike Jones, chairman of the Local Government Association’s environment and housing board, says it is developers not the planning system holding back the building of new homes, and accused the banks of charging extortionate mortgage rates.