Brexit: Affordable Housing

Lord Hamilton of Epsom Excerpts

Thursday 21st December 2017 Lords Chamber

[Lord Bourne of Aberystwyth]

My Lords, first, the noble Baroness is right that our thoughts, particularly at this time of year, are very much with the homeless and rough sleepers, which very much presents a problem in the United Kingdom and elsewhere. She is also right that the European Investment Bank invests significantly in this area, but other banks do too. We have obviously invested a lot in terms of our own domestic budget recently—with the social impact bond, for example, which is having an effect. I spoke yesterday to the noble Lord, Lord Bird, about an initiative that he is involved in in a parallel way. So there is a lot going on. But the noble Baroness is right to highlight the importance of ensuring that we plug the gaps of some investment that will not be there in future.

[Lord Hamilton of Epsom (Con)]

My Lords, does not my noble friend’s view on the housing market contrast somewhat with the threats we were given during the referendum campaign from the then Chancellor, backed by the Governor of the Bank of England, that interest rates were going to soar if we voted out—they have gone down—and that housing prices would drop like a stone, whereas they have gone up? Are we not actually rather blessed by Brexit, rather than the reverse?

[Lord Bourne of Aberystwyth]

My Lords, the Government are focused resolutely on the future as to how we ensure that we get a very good deal that is very much in the interests of the UK and the deep and special partnership with the European Union that we seek. As he will know, negotiations have turned a corner; we seem to be on a very firm footing to ensure that we get that deep and special partnership with the European Union, and negotiations go on on that basis.