Thousands More Homes Pledged By Councils Under May’s New Rules

Sixty local authority leaders have pledged an immediate drive to build thousands more council homes by exploiting new rules announced by Theresa May. Dozens of councils across the country, led by both Labour and the Tories, have signed an open letter vowing to use new powers to borrow more money to build a new generation of properties. It has led to hopes of the biggest council house-building programme since the 1970s. However, it leaves Philip Hammond with a major headache ahead of his budget later this month. The extra borrowing could add £1bn to the deficit and further constrain his room for manoeuvre, as he already needs to find money to fund the NHS. Read more on the Observer website.

https://www.theguardian.com/society/2018/oct/21/councils-pledge-to-exploit-end-to-borrowing-cap-to-build-homes