§ Mr. John Fraser
asked the Secretary of State for the Environment what is the value in real terms of the housing investment programme for 1987–88 after excluding capital receipts and expressed as a percentage of the housing investment programme for 1978–79.
§ Mr. Tracey
Because of the success of the right to buy, local authorities can now fund the greater part of their capital expenditure on housing from capital receipts, without needing borrowing approvals. The total planned net capital expenditure on housing in England in 1987–88, after deducting forecast receipts, is £1,959 million, 45 per cent. in real terms of net expenditure in 1978–79.178W
tax and valued at over£250,000, in the last eight years along with the museum or gallery to which each was allocated.