HC Deb 18 November 1974 vol 881 cc1029-32

Queen's Recommendation having been signified—

Resolved, That, for the purposes of any Act of the present Session to repeal certain provisions of the Housing Finance Act 1972, to make further provision as to rents, and to introduce new housing subsidies for local authorities and new town corporations and abolish certain existing subsidies, it is expedient to authorised pay- ments out of money provided by Parliament as follows:—

  1. (a) housing subsidy under the said Act for local authorities and new town corporations, consisting of five elements, namely—
    1. (i) a basic element;
    2. (ii) a new capital costs element of an amount determined in accordance with the said Act as a percentage (namely 66 per cent. or another percentage specified by the order) of reckonable expenditure falling to be debited to the Housing Revenue Account of a local authority or the housing account of a new town corporation;
    3. (iii) a supplementary financing element, for local authorities only, of an amount determined, in accordance with the said Act, as a percentage (namely 33 per cent. or another percentage specified by order) of an excess of loan charges falling to be debited to the Housing Revenue Account;
    4. (iv) a special element for the year 1975–76; and
    5. (v) a high costs element, for subsequent years;
  2. (b) modified rent rebate subsidy for local authorities and new town corporations, of an amount equal to 75 per cent. of their standard amount of rent rebates (as defined by section 20(8) of the Housing Finance Act 1972;
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  3. (c) expanding towns subsidy for the councils of receiving districts, as defined by section 1(2) of the Town Development Act 1952;
  4. (d) transitional town development subsidy for local authorities;
  5. (e) subsidy for housing associations performing certain housing functions of local authorities;
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  6. (f) any administrative expenses of the Secretary of State; and
  7. (g) any increase attributable to the said Act of the present Session in payments out of money provided by Parliament under any other Act.—[Mr. Dunn.]