Magazine article Public Finance

Housing Professionals Call for HRA to Be Axed

Magazine article Public Finance

Housing Professionals Call for HRA to Be Axed

Article excerpt

Government plans to allow local authorities to opt out of the housing finance system have been dismissed as unworkable.

Instead, the Chartered Institute of Housing is urging the government to scrap the housing revenue account completely as part of a 'big bang' solution that would mean all councils with stock becoming self-financing.

The HRA redistributes rental income raised by councils according to their historic debt. The CIH claims that allowing some authorities to leave the scheme on a voluntary basis risks creating a two-tier system, with poorer councils left to cope with less money.

In its submission to the Department for Communities and Local Government, the institute calls for a one-off capital settlement based on authorities' need to spend and ability to pay. This would mean some councils taking on extra debt to help others. …

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