Housing Revenue Account - borrowing limits

Meeting: 
MQT on 2013-03-20
Session date: 
March 20, 2013
Reference: 
2013/0919
Question By: 
Caroline Pidgeon
Organisation: 
Liberal Democrats
Asked Of: 
The Mayor

Question

Following the government's confirmation that it has 'no immediate plans to devolve additional powers specifically to the Mayor of London' - and its rejection of your recent request for £1.3 billion a year to tackle London's housing crisis - what discussions have you had with the Department for Communities and Local Government about aligning boroughs' housing borrowing cap with the Treasury's prudential borrowing rules?

Answer

Answer for Housing Revenue Account - borrowing limits

Answer for Housing Revenue Account - borrowing limits

Answered By: 
The Mayor

There has been on-going discussion between the GLA and DCLG on this issue, and I will continue to make the case to Government to remove boroughs' borrowing caps for housing purposes. London will also benefit from a minimum of £750 million for housing, as a result of the Budget.