Magazine article Public Finance

Leave Our Surpluses Alone, Warn RSLs

Magazine article Public Finance

Leave Our Surpluses Alone, Warn RSLs

Article excerpt

Large housing associations have stepped into the debate over how much landlords can afford to borrow by warning the government to keep its hands off their surpluses.

According to the G15 group of housing associations, which own nearly 360,0OO homes in London and Southeast England, most landlords already have a strong record of ploughing money back into local communities and cannot afford to pay more towards the cost of new affordable housing.

Earlier this year, the Housing Corporation claimed that registered social landlords could increase borrowing by E6.8bn - allowing development grants to fund 34% of new homes instead of 44%.

But David Montague, group finance director at London & Quadrant Group and chair of the G15 finance directors, said RSLs could not throw away money raised from asset sales and other activities on a 'two-year spending spree' solely to ease pressure on the Treasury. …

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