Lords Block Bid To Remove Cap on Councils' Housing Borrowing

The House of Lords has blocked an effort to lift the cap on the amount councils can borrow to invest in housing.  Four peers had proposed amending the Growth and Infrastructure Bill by removing the borrowing cap on local authorities' housing revenue accounts. However, the proposed amendment was defeated after Conservative Lord Ahmad of Wimbledon said "reducing the national deficit remains the priority. From that the government cannot be deterred".  Read more on 24dash.