Paul Holmes
Main Page: Paul Holmes (Conservative - Hamble Valley)Department Debates - View all Paul Holmes's debates with the Cabinet Office
(1 year ago)
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Paul Holmes (Eastleigh) (Con)
Not content with being the third-most indebted council in England, with a debt of £670 million, Liberal Democrat Eastleigh Borough Council recently refinanced its failed One Heaton Heath housing project to the tune of £148 million, with no houses built and interest payments of £386,000 per month. Will the Prime Minister now ask the Department for Levelling Up, Housing and Communities to intervene and independently investigate the development? May I ask for a meeting with the relevant Minister to discuss this terrible decision by Eastleigh Borough Council?
The Prime Minister
I am aware that some local authorities, including the one my hon. Friend mentions, have taken excessive risks with borrowing and investment practices. That is why we have taken a range of measures to strengthen the regulatory framework to prevent that from happening. They include new powers that make it quicker and easier for the Government to step in when councils take on excessive risk through borrowing. I will ensure that he gets a meeting with the relevant Minister to raise his concerns, because his constituents deserve better.