Prime Minister lifts borrowing cap to encourage more housing to be built
05 October 2018
By Andi Michael
The Local Government Association is thrilled at Theresa May’s announcement at the Conservative Party Conference this week.
The Prime Minister said that solving the housing crisis was ‘the biggest domestic challenge of our generation’ and she does not intend to stand in the way of councils who wish to help solve it.
The cap existed to stop councils overborrowing to fund new developments. By removing it, homeless charity Shelter approximates 27,500 new homes could be built each year. The extra investment could amount to as much as £1bn per year, but this depends on how many councils decide to borrow, and whether they have the capacity to build.
There was a general focus on housing, following the Prime Minister’s earlier statement on taxing Foreign Buyers for homes bought in the UK.
The Housing Secretary, James Brokenshire, also stepped out this week to confirm that housing is still a main concern of the Conservative Party, and that he wants to enable ‘Generation Rent to become Generation Own’.
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