§ Mr. MillerTo ask the Secretary of State for the Environment, Transport and the Regions when he expects to consult on the introduction of resource accounting for local authority housing. [64079]
§ Ms ArmstrongWe will be publishing a consultation paper 'A New Financial Framework for Local Authority Housing: Resource Accounting in the Housing Revenue Account' on 15 December, allowing until 19 March for comments. The statement on Housing and Regeneration Policy following the Comprehensive Spending Review, on 21 July 1998,Official Report, column 468, made clear our intention that local authorities should take a more business-like approach to managing their housing. Local authority housing is a valuable asset. Introducing new-style housing revenue accounts based on a form of resource accounting is one of a number of proposals, including our plans to introduce a Best Value regime for local authorities, to modernise the approach to housing management and encourage greater tenant involvement. 317W The proposed new financial framework will show clearly the value of housing, the expenditure needed to maintain it and the subsidy required to keep rents below market levels.