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Housing and the Credit Crunch

There will be a general election in less than a year, and the Opposition's proposals will come under just as much scrutiny as our record and our plans for the future. The country will face a big choice between our plans to invest in the economy, to save jobs in the construction sector and to provide the homes that people need, and the Opposition's plans to cut public spending. Frankly, I cannot wait for that debate, which will subject the Opposition's proposals to the scrutiny that they have so far escaped. I believe that the people of Britain will take a very different view of the Opposition's policies when we and the media are able to subject them to the scrutiny that they deserve. The pledge also strengthened the local authority role in the delivery of affordable housing. The rules governing council housing finance were changed to allow local authorities to retain the full rents on new-build properties and the full capital receipt when any of those properties are sold. We propose to reform the council housing finance system to embed those reforms. Several hon. Members commented on that during their speeches. I understand that the hon. Member for Brent, East raised the matter while I was out of the room. I am sorry about that. I gather that she was unhappy about the length of the consultation period.