Housing and Planning Bill

Baroness Hollis of Heigham Excerpts

Wednesday 4th May 2016 Lords Chamber

[Lord Beecham]

Sorry, I have received a prompt from my noble friend Lady Hollis, to ask what the estimate is—I am sorry, I have even forgotten what the prompt was. Perhaps my noble friend can say.

[Baroness Hollis of Heigham (Lab)]

I am grateful to the Minister. I was going to ask my noble friend to ask the Minister to make it clear that the proceeds will still go to the Exchequer. Various contributors, including my noble friends, have said that they now doubt whether the money collected will exceed the costs incurred. I would like the Minister to tell us, in the light of today’s amendment on 15p, what now is the current estimate of the annual net gains that will flow to the Exchequer from next year onwards, when this policy is embedded. One year will do—2019-20, if she likes, three years down the line. How much money, net, will go to the Exchequer from this policy after taking into account fiscal drag, now capped by CPI, the cost of the taper, now reduced by 15p, as well as the behavioural impact on tenants and the cost of administration? May we please have that figure?