Author: Pulse Assent

Today the government has announced borrowing restrictions will be removed enabling councils to play a key role in delivering the homes their communities need.

In the latest measure by the government to make the housing market work, the Housing Revenue Account borrowing cap for council house building will be lifted.

This gives councils the tools they need to deliver a new generation of council housing – up to an estimated 10,000 additional homes a year.

Councils in areas of high affordability pressure have already been invited to bid for a share of £1 billion extra borrowing to build much needed homes.

Today’s move recognises that councils see the borrowing cap as the greatest barrier to building new homes.

The interest in bidding for a share of the £1bn borrowing increase also showed that they are ready and willing to deliver the homes their communities need.

Removing the borrowing cap entirely is also likely to diversify the house building market, with councils being better able to take on projects and sites that private developers would consider too small.

The cap will be lifted as soon as possible, with further details confirmed in the Budget.

Foreign Secretary Jeremy Hunt has welcomed the news of the election of the new Iraqi president and prime minister, and of the successful elections in the Kurdistan Regional Government.

The Foreign Secretary said:

I congratulate President Barham Saleh on his election by the Iraqi Parliament, and his nomination of Adel Abdul Mahdi to form the next government as Prime Minister. On behalf of the British Government, I must also express my gratitude to Prime Minister Abadi and President Masum both for their service to Iraq and for the crucial and successful collaboration with the UK in our joint determination to defeat Daesh.

I would also like to congratulate the people of the Kurdistan Region of Iraq on a successful parliamentary election. The formation of an effective Kurdistan Regional Government that delivers for all the people in the region will be a welcome step.

I look forward to working with the Government of Iraq and the Kurdistan Regional Government to deliver stability, security and prosperity for all Iraqis.

Further information

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