Today the Treasury Committee has published a report on the 2017 Autumn Budget, which calls for the Housing Revenue Account borrowing cap for local authorities to be abolished in order to increase investment in building new homes.
Mayor Sir Steve Bullock, London Councils’ Executive member for housing, said:
“We wholeheartedly support the Treasury Select Committee’s recommendation that the Housing Revenue Account borrowing cap be abolished.
“With private housebuilding likely to continue at the same rate, freeing local authorities to borrow prudently to invest in building new homes is the surest way to boost supply.
“London boroughs are particularly keen to invest in building affordable and social rented housing to ensure those on the lowest incomes, and people who are homeless and living in temporary accommodation, are able to find somewhere to live.”