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London Councils response to Autumn Statement

Released on 05 December 2013

Commenting on the Autumn Statement, London Councils' Executive member for housing, Mayor Sir Steve Bullock, said:

“By 2021, over 800,000 new homes will need to be built in London, but the government’s latest attempt to address this crisis through increasing council borrowing capacity does not go far enough and has too many strings attached.

“In order to qualify for extra borrowing capacity, councils will have to sell off high value vacant housing stock. This unfairly prejudices London, which has both the most acute housing need and the highest value stock in the country.

“London Councils will continue to call for the complete removal of the artificial housing borrowing cap, among a raft of other measures, so that boroughs can properly address London’s housing crisis.”

Notes to editors:

1. The Chancellor announced in today's Autumn Statement that borrowing limits for the Housing Revenue Account will be raised by £150 million per year over 2015/16 and 2016/17. Funding will be allocated on a competitive basis, and from the sale of vacant high-value social housing.