Duke of Westminster’s estate takes aim at Labour on housing push

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The Duke of Westminster’s property empire has criticised government ministers for failing to understand “basic economics” around the housing crisis. The Duke of Westminster is one of the wealthiest landowners in Britain, controlling more than 300 acres of property in well-heeled parts of London. But shortly after the Grosvenor Group posted its first underlying loss since the recession, its executive trustee warned that “interfering” with demand was wrong-headed and instead urged Labour to focus on supply. A little more than 200,000 homes were built in the government’s first year, against a target of 300,000. Grosvenor’s UK property business hasn’t suffered much. It increased in value last year, with its overall loss due to write-downs in Canada.