Council to Double Spending On Housing

A council is set to invest nearly £5 million in housing as part of its 2012/2013 budget, following HRA reform. Despite now servicing a £95.4 million debt taken on to buy the houses from central government, Wokingham Borough Council says it will double its spending on its housing stock compared to last year. Historically, the council has had to pay some 44 per cent of its tenants’ rents to Central Government in the housing subsidy system, a total of £5.7 million in 2011/12. The interest payment for 2012/13 is estimated at £3.4 million – more than £2 million below the rent share paid to the Central Government the year before. Read more on 24dash.