Can I fix the housing crisis? Yes, I can...

In a recent exchange in the House of Commons, I was pressed by one of my Tory shadows on whether we will meet our target of building 1.5 million homes in this parliament. A punchy question from a party whose own record in government on housebuilding was marked by missed targets, failed targets and ultimately, "let's scrap targets altogether". My answer? Underestimate me at your peril.

People have done this all my life. But this government has a bold vision to fix the housing crisis and a strategy to deliver both investment and reform. We're overhauling the planning system to speed up approvals and unlock land — a clear statement of intent.

So is our commitment to the biggest increase in social and affordable housebuilding in a generation — £39bn over 10 years. And today we are taking another major step to fix a broken system that has held back too many hard-working families — and the country — for far too long.

Our new national housing bank will transform housebuilding, using public funds to unlock private capital as a publicly owned arm of Homes England. With £16bn of new government investment, on top of £6bn of guarantees, the bank will attract over £53bn of private investment. That means spades in the ground, cranes in the sky — and around half a million new homes built across the country.

Who benefits? People, and the places they live, as well as businesses and the economy. It's a cornerstone of our Plan for Change.

We're backing small and medium builders, who are crucial for small community sites, with new lending products that will give them the certainty to plan a pipeline of future projects. We're focused on building more social and affordable homes. The bank will use part of the £2.5bn in low-interest loans announced at the spending review to build properties where they are most needed. And we're also supporting the bigger, more complex projects that help drive growth with infrastructure finance and £5bn in grants for projects that otherwise wouldn't get off the ground.

We're giving the bank the tools and the scope to make long-term investments and take smart, calculated risks to reform the housing market and deliver real returns. We know, as a government, and I know, that having a home is the foundation of a stable life. I saw that growing up, living in a council house that for me spelled security. For too many people in this country, however, a home they can afford remains out of reach. We're changing that. We are investing in the skills and jobs needed to build new homes and supporting local leaders and builders to work with urgency.

We're tackling the housing crisis we inherited head-on because a safe, decent home is not a luxury — it is a necessity. Our commitment to build 1.5 million homes as part of our plan for change is a stretching target, but not one I will shy away from. To those with doubts, I repeat: underestimate me at your peril.

Yes — the road ahead is tough. But we are committed, as this is about more than just numbers. It's about giving fresh hope for millions of people across Britain and creating communities where families can thrive and children grow up in safety. It's about making sure a generation is no longer locked out of homeownership — and ensuring children aren't growing up in temporary accommodation.

The shadow of Tory housing failure looms large. The last government failed to meet the challenge. We are rising to it. The new national housing bank is just the latest part of our plan to invest in Britain's future - and back the builders. This Labour government is turning the tide on the housing crisis we inherited, and charting a new course for housing in this country. The foundations of Britain's future are being laid today — so we can write a new chapter that we can all be proud of.