Before the Easter recess, I should like briefly to update the House on the recovery following flooding caused by Storm Desmond and Storm Eva. The Government have moved rapidly to support more than 21,000 flooded properties; £50 million in dedicated funding has helped to ensure the rapid repair and reopening of key transport arteries—I am delighted that Pooley bridge in Cumbria reopened yesterday; a further £130 million will be spent repairing roads and bridges; £700 million was announced to boost future flood defence and resilience; and I am delighted that, in response to the fundraising from community foundations, for which the Chancellor offered to have match funding, I can now announce a one-for-one match for every pound raised by those community foundations during the floods.
The local government pension scheme provides future security in retirement for millions of public service workers. It is a funded scheme financed by the contributions of those workers. The Government now seem to be trying to interfere in the way those funds are invested, but investment decisions should be driven by the interests of the members of the scheme. What legal powers do the Government have to do this? Are they intending to direct the investment strategies of other UK pension funds? If not, why treat the local government pension scheme differently?
As the hon. Gentleman knows, we have a consultation on this. I do not know whether he has contributed to it, but it has now closed. We are reflecting on the responses, and I will update the House when we have had a chance to do that.
(9 years, 2 months ago)
Commons ChamberI am grateful for my hon. Friend’s question. In the spending review the Chancellor established a fund to decontaminate brownfield sites so that they can be made available for house building in the way that my hon. Friend recommends.
The Local Government Association is predicting that the Government’s pay-to-stay proposals will lead to some 60,000 council tenants leaving their homes. At the same time, councils are saying that they do not know how much their tenants earn. Will the Minister for Housing and Planning explain to councils how and why they should be asking their tenants how much they earn?
12. What the replacement rate of council homes sold through the right-to-buy scheme has been since 2012.
Local authorities have three years from the date of sale of each home to replace the property. In the first year following the reinvigoration of the right to buy, there were 3,053 additional sales. Within two years—by the end of 2014-15—3,337 replacements were started or acquired.
I recall that at the start of the previous Parliament one-for-one replacement was promised, but across the country the actual figure has cracked out at one for 10, and in my city it is one for nine. Why should anyone believe these assurances now?
I welcome the hon. Gentleman to the House. He must not have listened to my answer, because I said that there were 3,053 additional sales and 3,337 replacements, which is more than one for one.