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Right To Buy has 'stolen' £90m funding for building London council housing | Right To Buy has 'stolen' £90m funding for building London council housing |
(about 2 hours later) | |
The Government’s Right To Buy policy has “stolen” £90m funding for building council housing in London, Labour has said. | The Government’s Right To Buy policy has “stolen” £90m funding for building council housing in London, Labour has said. |
Ministers admitted in a letter that tens of million of pounds from the receipts of council house sales had not been directed back to the capital but sent to the Treasury. | Ministers admitted in a letter that tens of million of pounds from the receipts of council house sales had not been directed back to the capital but sent to the Treasury. |
The Treasury cut of sales comes despite a massive shortfall in the Government’s promise to replace any homes sold off under the policy. | The Treasury cut of sales comes despite a massive shortfall in the Government’s promise to replace any homes sold off under the policy. |
Nationally, 26,619 homes have been sold under Right To Buy since 2012 when the policy was revamped by the Coalition government. | Nationally, 26,619 homes have been sold under Right To Buy since 2012 when the policy was revamped by the Coalition government. |
Of those, 3,337 have been replaced, according to figures released by the Department for Communities and Local Government. | Of those, 3,337 have been replaced, according to figures released by the Department for Communities and Local Government. |
Tom Copley, the party’s housing spokesperson at City Hall, argued that the policy of diverting money away from London housebuilding was exacerbating the housing crisis there. | Tom Copley, the party’s housing spokesperson at City Hall, argued that the policy of diverting money away from London housebuilding was exacerbating the housing crisis there. |
“Despite promising that Right to Buy would result in a new home for each one sold the last Government effectively stole £90m which was meant to be spent on new homes for the capital. As a result many councils are finding it impossible to replace their lost homes,” he said. | “Despite promising that Right to Buy would result in a new home for each one sold the last Government effectively stole £90m which was meant to be spent on new homes for the capital. As a result many councils are finding it impossible to replace their lost homes,” he said. |
“London’s housing market is already in crisis, diverting money which was meant to be reinvested in new homes is a total betrayal. You have to wonder whether the policy was intentionally designed this way to reduce the number of council homes in London.” | “London’s housing market is already in crisis, diverting money which was meant to be reinvested in new homes is a total betrayal. You have to wonder whether the policy was intentionally designed this way to reduce the number of council homes in London.” |
The revelation about Right To Buy comes as Labour leadership candidate Jeremy Corbyn suggests extending the right to private tenants. | The revelation about Right To Buy comes as Labour leadership candidate Jeremy Corbyn suggests extending the right to private tenants. |
The Government is already committed to extending the policy to housing associations, which are private, not-for-profit landlords. | The Government is already committed to extending the policy to housing associations, which are private, not-for-profit landlords. |
Private rents in Britain are the highest in the EU, according to the official agency Eurostat. London rents are now double the national average, however. | Private rents in Britain are the highest in the EU, according to the official agency Eurostat. London rents are now double the national average, however. |
The capital’s population grew by to 8.6m last year but housebuilding is not keeping pace with demand and prices and rents are still rising. | The capital’s population grew by to 8.6m last year but housebuilding is not keeping pace with demand and prices and rents are still rising. |