A housebuilding business founded by Philip Hammond has been accused of sitting on an undeveloped plot of land which has been granted planning permission for four new homes.

Castlemead Limited, which was co-founded by the Chancellor in 1984, builds new homes and doctor’s surgeries.

It has been reported that Castlemead Group, which is majority-owned by the company, was granted permission to build four homes in north Wales in June 2010 on the condition work on the site would begin within five years.