Housing Revenue Account

Meeting: 
MQT on 2014-09-17
Session date: 
September 17, 2014
Reference: 
2014/3231
Question By: 
Tom Copley
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

What success have you had in lobbying the government to remove or revise the cap on Housing Revenue Account borrowing, as stated as an aim of yours in the London Housing Strategy?

Answer

Answer for Housing Revenue Account

Answer for Housing Revenue Account

Answered By: 
The Mayor

I continue to lobby the government for this vital reform, and my call has been backed by a wide range of bodies and interested parties. This reform was a key recommendation of the independent London Finance Commission, and lobbying on the Commission's recommendations is ongoing in conjunction with London Councils and the Core Cities Group. The campaign has already resulted in the government announcing an increase in borrowing limits of £32m for seven London boroughs to build new affordable homes, with more funding being made available through further bidding rounds.