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28/09/2016

Labour to remove council borrowing cap

Words: Laura Edgar
Jeremy Corbyn / Shutterstock_411709003

Leader of the Labour party Jeremy Corbyn has announced that the party would remove the artificial local borrowing cap so that local authorities could build an extra 12,000 council homes a year.

Speaking at the party’s conference in Liverpool today, Corbyn also reiterated Teresa Pearce’s pledge to build over a million homes over the course of the next Parliament, should Labour win the next General Election.

He cited that under the Conservative government, house building has fallen to the “lowest level since the 1920s”, home ownership is falling and council homes are sold off without being replaced.

Therefore, Corbyn announced that “Labour will remove the artificial local borrowing cap and allow councils to borrow against their housing stock”.

“That single measure alone would allow them to build an extra 12,000 council homes a year.”

Earlier this week, Pearce announced Labour's commitment to ending Right to Buy and to reversing the Pay to Stay policy.

Image credit | Shuttershock

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