Is the cladding scandal the next PPI?
Several points jumped out of the Sunday Times latest bleak report into the cladding scandal. The first is the human impact. Four years after the Grenfell Tower fire exposed the shocking state of building materials standards, the disasters largest legacy appears to be life-destroying bills for hundreds of thousands of flat-owners. Often, the repair fees quoted are larger than the sums paid for properties, pushing many to the brink of bankruptcy. Another is the profound injustice. Current law states that property developers are only liable for defects found within six years of construction, which is as good a get out of jail card as executives could hope for. Then there is the sheer scale. While 5.1bn of taxpayer money has been earmarked for works on apartment blocks over 18 metres, leaseholders will still be on the hook for a third of costs. Worse, blocks below 18 metres are excluded from the fund.