London Councils' response to an announcement featured in Theresa May's speech to Conservative Party Conference today - the lifting of the cap on councils' ability to borrow against the value of their housing stock.
Cllr Darren Rodwell, London Councils Executive member for housing and planning, said:
“We are delighted that the government has listened to councils and freed us to build more new council homes.
“London boroughs have long called for the power to borrow to invest in new homes because we know London’s housing crisis is driven by lack of housing supply, particularly affordable housing.
“We pledge to use this new freedom to play a bigger role in delivering the housing that Londoners so desperately need and look forward to working with government in making it a reality.”