§ Ms. WalleyTo ask the Chancellor of the Exchequer if he will make it his policy to allow local authorities to use all their capital receipts for the provision of affordable housing.
§ Mr. PortilloNo. It is important that local authorities in England and Wales use accumulated receipts to repay debt. They may, however, spend virtually all the capital receipts they acquire between 13 November 1992 and 31 December 1993 on new capital investments. This is in addition to spending financed by any usable receipts local authorities acquired before 13 November. Local authorities in Scotland are free to use capital receipts within the overall arrangements for the control of local authority capital spending in Scotland.