§ 52. Mr. Pikeasked the Secretary of State for the Environment what is the housing investment programme net of capital receipts for 1986–87 as a fraction in real terms of the programme for 1978–79.
§ Sir George YoungThe net capital provision for housing investment by local authorities in 1986–87 is £1,097 million which is 32 per cent. in real terms of net capital expenditure in 1978–79. However, this comparison ignores the very large spending power which is now available to local authorities from capital receipts, and was not available in 1978–79.