Theresa May Cancels Council Borrowing Caps

Theresa May has freed local councils to spark a house building revival by finally lifting the strict cap on their borrowing to fund new developments.
Town halls and housing experts have fought for the freedom for years – to weaken the grip of big private developer – but the Treasury has resisted.
In her conference speech, the prime minister insisted her government was helping councils build more homes, but she admitted: “Something is still holding many of them back.”

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“Solving the housing crisis is the biggest domestic policy challenge of our generation,” she told the audience. “It doesn’t make sense to stop councils from playing their part in solving it.
“So, today, I can announce that we are scrapping that cap. We will help you get on the housing ladder – and we will build the homes this country needs.”

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