§ Jon TrickettTo ask the Deputy Prime Minister what his estimate is of the retained capital receipts from the sale of council houses by Wakefield metropolitan district council at May 1997; how much has been released since that date and what the value is of unreleased receipts. [83162]
§ Mr. McNultyThe cumulative net selling price of council housing stock reported by Wakefield MDC between April 1980 and March 1997 was some £118 million. Under capital finance regulations, 25 per cent, of capital receipts arising from stock sales (excluding the value of any related local authority mortgages) are classified as a usable, while the balance is required to be 'set aside' as provision for credit liabilities. Between April 1997 and March 2002, Wakefield reported a further £54 million generated by stock sales.
Allocations to Wakefield under the Capital Receipts Initiative between 1997–98 and 1999–2000 totalled £9.652 million. In addition, Wakefield applied £9.671 million of its usable housing capital receipts (including those arising from the sale of other assets) to fund its housing capital programmes between 1997–98 and 2001–02.